Forex Marketz Daily Forex News – Fully Markets Update
Looking at the widely traded spot gold futures contract and above weekly MT 4 chart, traders are noting a stiff layer of resistance in play at the September 2011 high price point at $1,920.40 per ounce. The spot contract is stalling just below this key upside barrier, yet once again.
Monday’s economic calendar, in Europe and across The Pond in the United States is all about monthly purchasing managers’ indices (PMI). The United States will release their key monthly Institute for Supply Management (ISM) services PMI.
Markit is also publishing their monthly U.S. purchasing managers’ indices (PMI). The Eurozone is releasing their monthly Markit purchasing managers’ indices (PMI) as well as monthly retail sales data. Germany is also publishing their monthly Markit purchasing managers’ indices (PMI).
The United Kingdom has no economic data on the calendar to tart the week but the Chief Economist for the Bank of England (BOE) and Monetary Policy Committee (MPC) member Dr. Haldane is speaking at a conference.
Overshadowing economic data, is news that U.S. President Donald Trump and his wife, Melania Trump, have tested positive for the coronavirus and are now in quarantine. The U.S. President has been taken to Walter Reed Medical Center where he has no fever and not on supplemental oxygen. President Trump also continues to govern from the hospital. Other senior Whitehouse staff have also tested positive to the Covid-19 virus.
Daily Spot Gold Futures Technical Analysis
Looking at the price action on the above spot gold chart, gold stalled just below $1,920.40 per ounce at $1,917.10 per ounce last week. With that said, the first upside barrier lines up at $1,910 per ounce with the next upside barrier in play at $1,920 per ounce.
The next layer of technical resistance then comes into play at $1,928 per ounce.
On the downside, the spot contract has a downside layer of support in play at $1,905 per ounce. The next layer of technical support lines up at $1,890 per ounce.
