Gold: $1.950 is a hard task
The US unemployment rate beat market expectations in August, reaching a level of 3.8%, from 3.5% estimated by the market. The USD was gaining in strength based on the market expectation that the Fed will finally have to halt its further rate increases as their previous measures taken finally reflect in the real economy. At the same time, xauusd was catching up lost correlation with the USD, reaching the highest weekly level at $1.952.
Gold started the week by testing the $1.900 support line, however, it soon reverted to the upside and to the next resistance line at $1.950. RSI reached the level of 59, indicating that investors are eyeing the overbought side, but there is still space until this level is clearly reached. Moving average of 50 days started to move as a parallel line with its counterpart MA200, not providing a clear indication of a potential cross in the coming period.
Markets continue to move in a mixed manner, digesting newly released macro data. Further gold volatility might be in store, considering mixed US data on the state of its economy. In case that the current resistance level at $1.950 is broken, the level of $1.980 might be the next short term stop for gold. Still, there is a lower probability for such a move, based on current charts. There is also some probability for a move toward $1.920 level, as a short term stop for gold. With this move a potential for the downside will be tested for one more time.
Important news to watch during the week ahead are:
USD: ISM Services PMI for August
Gold started the week by testing the $1.900 support line, however, it soon reverted to the upside and to the next resistance line at $1.950. RSI reached the level of 59, indicating that investors are eyeing the overbought side, but there is still space until this level is clearly reached. Moving average of 50 days started to move as a parallel line with its counterpart MA200, not providing a clear indication of a potential cross in the coming period.
Markets continue to move in a mixed manner, digesting newly released macro data. Further gold volatility might be in store, considering mixed US data on the state of its economy. In case that the current resistance level at $1.950 is broken, the level of $1.980 might be the next short term stop for gold. Still, there is a lower probability for such a move, based on current charts. There is also some probability for a move toward $1.920 level, as a short term stop for gold. With this move a potential for the downside will be tested for one more time.
Important news to watch during the week ahead are:
USD: ISM Services PMI for August
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