Forex Marketz Daily Forex News – Fully Markets Update
The price of spot gold (XAU/USD) moved lower as investor mood cautiously improved this morning. We did see Treasury yields move higher as well. The US Dollar also moved a tad higher as the Fed funds rate outlook improved. This could be bad news for non-interest fiats like gold.
On today’s economic calendar, things are rather void of major announcements. This means we could swing to and from risk on and risk off today rather easily. US stock futures are currently flat as they wait on more political drama to unfold out of Washington DC. This will mean a treacherous trading environment for gold traders as we end the week.
Gold Technical Analysis
Using the above MT 4 let’s look at today’s daily technical analysis for the yellow metal. The yellow bullion continues to fall back from 1256.75 to 1263.88 cluster zone. This zone has either been support or resistance for three months. A daily close below the first layer of technical support at 1235.90, challenges the next downside barrier lining up at the trend line at $1,218.12 per ounce.
The alternative daily technical analysis notes the first upside barrier lining up at 1263.88. A break above this first layer of technical resistance challenges the next upside barrier that lines up at $1,280.21. This is the downward sloping trend line that has capped gains for ten months.
