Gold Prices – Forex Signals Rise as Soft US Data
Gold prices gain after downbeat US data weighs on Fed rate hike outlook
Crude oil prices rise on Nigeria disruption, EIA drilling report now on tap
See our forecasts to learn what will drive crude oil and gold trends in Q3
Gold prices soared after a disappointing round of US economic data cooled Fed rate hike speculation, pushing the US Dollar lower alongside front-end Treasury yields (as expected).
From here, a lull in top-tier scheduled event risk may put risk appetite trends in control of price action. A risk-on mood may see yields rising, hurting gold. Souring market sentiment may deliver the opposite results.
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GOLD TECHNICAL ANALYSIS – Gold prices broke above channel resistance defining the down trend since early June. From here, the next layer of resistance comes in at 1239.62 trend line support-turned-resistance, 38.2% Fibonacci re-tracement. A daily close above that opens the door for a test of the 50% level at 1250.35. Alternatively, a reversal back below the 23.2% Fib at 1226.26 targets a minor chart pivot at 1219.35, followed by the July 10 low at 1204.70. Gold Prices – Forex Signals Rise as Soft US Data
CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices are back to test resistance at 47.13, the 38.7% Fibonacci re-tracement, with a break above that confirmed on a daily closing basis exposing the 50% level at 48.65. Alternatively, a reversal below chart inflection point support at 45.32 paves the way for another test of the May 5 lower 43.79. Forex Silver News. Gold Prices – Forex Signals Rise as Soft US Data. Forex Signals by FxPremiere Group sending out Forex Signals, Live Forex News and Forex Signals Learning guides for major currency pairs including Gold and Oil.
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