Forex Marketz Daily Forex News – Fully Markets Update
Looking at the spot gold futures contract, on the above daily MT 4 price chart, the yellow metal is trading around $1,800 and $1,850 per ounce. Volume was thin on Thursday as the American financial markets were closed for a holiday.
The spot gold contract is consolidating after losing $70 per ounce this week. With that said, a weaker U.S. dollar is capping gold losses. After the Federal Open Market Committee released their monthly monetary policy meeting account this week, the greenback fell lower.
The FOMC signaled more asset purchases as well as other accommodative monetary policy measures when they meet next in December.
Overall, Friday’s economic calendar is not very busy. The U.S. economic calendar has nothing being released. Their financial markets were closed on Thursday for the Thanksgiving holiday and will reopen for half a day today.
The Eurozone will release monthly consumer confidence data and will also publish monthly economic sentiment data. France will publish their final look at quarterly gross domestic product (GDP). France will also release monthly inflation data (annual). Germany is publishing monthly import prices and Spain will release monthly retail sales data.
Daily Spot Gold Technical Analysis (XAU/USD)
Looking at the above spot XAU/USD price chart, the bullion is looking to form a new bottom at $1,795 per ounce. This level is at the two hundred (200) day simple moving average (SMA).
The next downside barrier then comes into play at $1,760 per ounce. The next layer of technical support lines up at the 15 June low. This level lines up at $1,700 per ounce.
On the flip side of the coin, a daily close above the 25 November high price point at $1,815 per ounce will bring the next layer of technical resistance lining up at $1,850 per ounce.
The next upside barrier lines up at $1,900 and then the one hundred (100) day simple moving average and key level at $1,910 per ounce.
