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14 September 2018

Forex Technical analysis

Gold Price Headed towards $1215

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The bulls have regained control as gold price is headed towards $1215 following the unimpressive US inflation report. Can the yellow metal sustain the bounce?

14 September, OctaFX – Gold prices on Comex are seen extending the Asian recovery in the European session, as the US dollar continues to lag against its major rivals following the unimpressive US inflation report and a recovery in the Emerging Markets (EM) currencies.

Gold Price Headed to $1215 

The bulls have regained control after the overnight drop to near $ 1205 levels, mainly driven by the renewed selling interest seen around the US dollar, as the European traders hit their desks and digest the downbeat US CPI figures.

However, it remains to be seen if the yellow metal can sustain the bounce amid a fresh bid tone caught by the Treasury yields across the curve, as easing US-Sino trade tensions lift the appetite for the higher-yielding assets. 

Also, markets may turn cautious heading towards the US retail sales, industrial production and prelim consumer sentiment data, dropping later in the NA session.

Gold Technical Levels

Resistances: $ 1218 (2-week tops), $ 1222.83 (daily R1/ Fib R2), $ 1230 (round figure).

Supports: $ 1203.68 (5-DMA), $ 1200 (psychological level), $ 1190.40 (Sept 11 low).

Disclaimer

This article about Gold Price Headed towards $1215  was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

US inflation report. US CPI figures gold price
The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZMarketz.com, nor should they be attributed to AtoZMarkets.

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