Forex Marketz Daily Forex News – Fully Markets Update
The world’s largest economy, the United States, will be publishing key economic data on Friday. Spot gold traders will pay attention to monthly U.S. core and headline retail sales data.
The University of Michigan is releasing their initial monthly consumer sentiment index. Canada will release monthly housing starts and monthly wholesale prices.
The euro area and Italy are releasing monthly trade balance numbers and the Eurozone will release their final monthly consumer price index (CPI). The economic calendar out of the United Kingdom is quiet headed into the weekend.
This week, U.S. Federal Reserve Chair Jerome Powell delivered testimony before Congress. Mr. Powell stuck to the script and said any monetary policy adjustments were still some ways off as the U.S. economy is still not near full employment or sustainable two percent inflation. This sent the spot gold contract higher.
On the other hand, St. Louis Federal Reserve branch President James Bullard said that easing of monthly asset purchases was on the table for discussion. Weekly initial jobless claims were disappointing as well as manufacturing data from the Philadelphia and New York Federal Reserve branches.
Daily Spot Gold Technical Analysis
Looking at price action on the above daily XAU/USD MT4 chart, the MACD histogram looks supportive for more possible gains and gold is trading above the two hundred (200) day simple moving average. The yellow metal is also above the one hundred (100) day simple moving average and a 13 day old rising trend line.
There is key horizontal technical resistance in play near the May high price point at $1,845 per ounce. The next upside barrier is at the 2 June low price point at $1,855 with $1,880 then coming into play next. The round $1,900 per ounces comes into focus then the June high price point at $1.915 per ounce.
Immediate technical support lines up at the 200 day simple moving average at $1,825 per ounce. The rising trend line support is at $1,810 per ounce then the 100 day simple moving average lines up at $1,790 per ounce.
