Forex Marketz Daily Forex News – Fully Markets Update
Looking at the popular and widely traded spot gold futures contract, the yellow metal saw gains last week despite a stronger U.S. dollar. On Wednesday, the bullion was trading near $1,800 per ounce before edging lower from Thursday. This futures contract finished the week mostly unchanged from the previous week closing just above $1,780 per ounce.
The spot gold futures contract is likely to continue trading sideways until Federal Reserve Chair Jerome Powell speaks at the Federal Reserve’s annual Jackson Hole symposium middle of this week.
The economic calendar starts the week off with a bang. The private initial monthly IHS Markit manufacturing and services purchasing mangers’ indices (PMI) for the European Union and Germany will be published. The euro area will also publish initial monthly consumer confidence data.
The United States will also see the private initial monthly IHS Markit manufacturing and services purchasing mangers’ indices published. The Chicago Federal Reserve branch will publish their national activity index for July. The private initial monthly IHS Markit manufacturing and services purchasing mangers’ indices for the United Kingdom will also be published.
Daily Gold Technical Analysis (XAU/USD)
Looking at the above daily MT 4 price action chart (XAU/USD), the 14 day relative strength index (RSI) is consolidating around the mid-point at fifty (50). This could lead to some indecision for the spot gold futures contract. On the upside, immediate technical resistance lines up at $1,790.
The fifty (50) day simple moving average lines up at $1,793 per ounce. A daily close above the 50 simple moving average opens the door for the psychological level of $1,800 per ounce, which is the 100 simple moving average as well. The 200 day simple moving average lines up at $1,810.
On the downside, immediate technical support is in play at $1,770 per ounce. The next downside level lines up at the key $1,760 level with $1,750 per ounce then coming into focus.
