Forex Marketz Daily Forex News – Fully Markets Update
Looking at the popular spot gold future contract, on the above one hour MT 4 price action chart, the yellow metal continues to trade in a narrow price band around $1,375 per ounce.
The spot gold price is also trading just above the two hundred (200) hour simple moving average (SMA) as traders look for direction. It is worth noting that with the recent strength seen with the U.S. dollar, gold sellers are still in favor as gold remains on the back foot.
Today’s economic calendar is not as busy as yesterday’s. On Wednesday, spot gold and other financial traders monitored rather mixed flash purchasing managers’ indices from the United States, euro area and United Kingdom.
Today, the Swiss National Bank (SNB) is announcing monetary policy. The United Kingdom is releasing monthly CBI realized sales data. The European Union will publish monthly M3 monetary supply numbers.
The United States is releasing closely watched Labor Department jobs numbers. This includes weekly initial jobless claims and weekly continuing unemployment claims data.
Financial market participants are also watching coronavirus vaccine headlines out of the European Union. The euro area wants to tighten export regulations.
Daily Spot Gold Technical Analysis
The above hourly MT 4 price action chart shows that the spot gold futures contract is trading within a triangle formation. Prices seem to be bouncing off the 200 hour simple moving average and the upper band of the triangle chart formation.
Gold traders should also note that the relative strength index (RSI) is neutral as is the momentum indicator, MACD oscillator. This could lead to further price consolidation as we head into the weekend.
With that said, immediate technical support lines up at $1,725 per ounce. Immediate upside resistance comes into play at $1,738 per ounce. Further upside barriers to watch are the 12 and 18 March high price points that line up at $1,720 per ounce and $1,755 per ounce.
