6 Nov 2013
Gold staying within the range of the last four sessions – waiting on DXY to break directionally
FXstreet.com (Barcelona) - Gold continues to trudge through nearly a week long consolidation. Charts say there could be more upside or downside – depending on your viewpoint.
Gold bulls still hoping for – and not yet getting – weak US data to depress the DXY
Gold futures fate clearly is ties inversely to the directional movements of the US Dollar and US interest rates. If the DXY manages to close above its own resistance of 80.75, gold futures may then take another body and start heading down towards their ultimate target of 1065 (according to technicians).
Technical outlook for gold
Technicians say that on the way down to 1,065, gold may see some buying interest at the October low of 1251 and the 6/28 low of 1179.80. Resistance comes in at the 10/28 high of 1361.80.
Gold bulls still hoping for – and not yet getting – weak US data to depress the DXY
Gold futures fate clearly is ties inversely to the directional movements of the US Dollar and US interest rates. If the DXY manages to close above its own resistance of 80.75, gold futures may then take another body and start heading down towards their ultimate target of 1065 (according to technicians).
Technical outlook for gold
Technicians say that on the way down to 1,065, gold may see some buying interest at the October low of 1251 and the 6/28 low of 1179.80. Resistance comes in at the 10/28 high of 1361.80.