Forex Marketz Daily Forex News – Fully Markets Update
The popular spot gold futures contract went on a wild ride last week. As U.S. Treasury bond yields rose sharply during the first half of the week, the spot contract broke below the trading range seen the week previous.
At that point, the yellow metal fell to its lowest price point since the beginning of November on Wednesday. This was at $1,778 per ounce. The spot gold contract then recovered to $1,800 per ounce to finish the week lower. This was the spot contract’s second week in a row of losses and below $1,790 per ounce.
The economic calendar begins the week quietly. The world’s largest economy, the United States has no top tier economic data scheduled for release. Several Federal Reserve monetary policy members, including Chair Jerome Powell will deliver remarks. The United Kingdom also has no top tier economic data scheduled for release, as well.
The euro area’s biggest economy, Germany, will publish their monthly consumer price index (CPI). The European Union will release a number of monthly economic surveys. These include their consumer and business climate surveys and industrial production survey.
Daily Spot Gold Technical Analysis
Looking at the above daily MT 4 spot gold futures chart, the 14 day relative strength index (RSI) has move upwards to the mid-point at fifty (50). Also price action is above the fifty, one hundred and two hundred (50, 100, 200) day simple moving averages. While no conclusive for the bulls, the bears are seemingly on the sideline for now.
On the upside, the 38.2 Fibonacci level lines up at $1,815 per ounce. The twenty (20) day simple moving average lines up at $1,820 per ounce. The 23.6 percent Fibonacci level lines up at $1,840.
A daily close below the 50 day simple moving average lines up at $1,790 per ounce. The 61.8 percent Fibonacci level lines up at $1,780 per ounce with $1,770 then coming into play.
