Gold Bullish Trend Has One Final Test, US Data
Gold retreated to 1253.80 today as a lowest record, but managed to recoup losses with high pace at 1265 high, currently trading 1261.92 intraday. Gold is rising a strong bullish since yesterday with +342-pips as price action supported by weaker U.S Dollar performance as the Index bottomed at 97.26 2017-fresh-low.
Gold bullish momentum will be re-tested today as U.S releases unemployment claims, and in case gold closes below 1246, alerts will be signaled as XAUUSD failed to hold the rising trend, and instead a bearish momentum will revolve around the precious metal. On the other hand, U.S Administration lack of performance with negative impact on U.S Dollar could provoke gold yet-again.
Fundamentals:
1- USD - Unemployment Claims today at 12:30 PM GMT.
Technical Overview:
Trend: Bullish Sideways
Resistance levels: R1 1265.18, R2 1272.58, R3 1277.86, R4 1288.42
Support levels: S1 1252, S2 1244.19, S3 1239.69, S4 1231
Comment: The market is bullish and powering into an upturn that should extend into a test of 1265.60 resistance. A close over 1265.60 is bullish and calls for an extension around 1280+/-. Suspect a setback from 1265.60+/- on the first test. Near term corrections will likely hold in tight congestion in the upper edges of yesterday's run. A close under 1245.20 is needed to start a turn into a retracement / correction phase.