Strong resistance on GOLD
After a very negative day 2 days ago GOLD tried to rally but gave back a lot of the gains.
Bullish situation:
We find that, traditionally, ±1290 has been a very strong support for the XAUUSD pair. However, we do have to keep a few things in mind
- This dip is primarily due to a rally of the USD 2 days ago.
- As long as we don't see a break below the 200 day EMA/1290, we are good.
- The EUR is still hanging above 1.12. That is crucial support as well. As long as it can hang above there, we can go to the upside on GOLD as well.
Bearish situation:
A break below the 1290 level could signal a very bearish situation and could open the door to 1275 and, eventually, 1250 (semi-long term)
Conclusion:
Best to wait and see what will happen. Personally, I favour the bullish situation because the 1.12 on EURUSD is very strong and I don't see that dropping anytime soon. Given the correlations between the two pairs the likelihood of a bullish situation is still larger I think. Nevertheless, caution is key
Bullish situation:
We find that, traditionally, ±1290 has been a very strong support for the XAUUSD pair. However, we do have to keep a few things in mind
- This dip is primarily due to a rally of the USD 2 days ago.
- As long as we don't see a break below the 200 day EMA/1290, we are good.
- The EUR is still hanging above 1.12. That is crucial support as well. As long as it can hang above there, we can go to the upside on GOLD as well.
Bearish situation:
A break below the 1290 level could signal a very bearish situation and could open the door to 1275 and, eventually, 1250 (semi-long term)
Conclusion:
Best to wait and see what will happen. Personally, I favour the bullish situation because the 1.12 on EURUSD is very strong and I don't see that dropping anytime soon. Given the correlations between the two pairs the likelihood of a bullish situation is still larger I think. Nevertheless, caution is key
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