Forex Marketz Daily Forex News – Fully Markets Update
Looking at the popular spot gold futures contract and above four (4) hour MT 4 chart, the spot contract pushed higher on Monday and has continued to claw its way higher during the early trade session on Tuesday as support has been found around $1,180 per ounce.
Tuesday’s economic calendar is not terribly busy. The world’s largest economy, the United States does have a high impact event scheduled. The private firm CB will be publishing their monthly consumer confidence index for the United States. Other U.S. economic data includes the release of monthly goods trade balance data as well as monthly housing price index data.
Across The Pond, Spain will publish their monthly flash consumer price index (CPI). The United Kingdom will publish their monthly M4 money supply. The United Kingdom is also publishing monthly mortgage approvals and monthly net lending to individuals.
Daily Spot Gold Technical Analysis
Looking at price action on the above spot gold chart, the yellow metal is retracing losses as the week is just beginning. There are a series of lower lows and low highs in play on the four chart since the spot gold contract hit an all-time price point, back on 6 August.
The relative strength index (RSI) is also moving into bullish territory and the MACD histogram is also starting to flash a possible bullish trend in play.
Gold traders do have some key levels of resistance to monitor. The first upside barrier lines up at $1,882.60 per ounce, which was a former layer of technical support two times on the chart.
The next layer of technical resistance lines up at $1,915 per ounce. Any sustained close above this last level, which has been challenged several time, will bring the downward sloping trend line into play.
Looking down, the spot contract has a layer of technical support in play a $1,851.08 per ounce with $1,840.40 per ounce then coming into play. The next downside barrier lines up at $1,823.30 per ounce.
