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Will Gold Pullbacks Continue?

By Emre KaraogluMarket OverviewFeb 04, 2020 04:32AM ET
www.investing.com/analysis/will-gold-pullbacks-continue-200504239
Will Gold Pullbacks Continue?
By Emre Karaoglu   |  Feb 04, 2020 04:32AM ET
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Headlines the Economic Calendar on Tuesday

UK Construction PMI: The data measures the activity level of purchasing managers in the construction industry. The Construction PMI is forecast to rise to 46.6 in January from 44.4. A higher than expected reading should be taken as positive for the Sterling.

Eurozone Producer Price Index: Watch out for the Eurozone Producer Price Index. The Producer Price Index (PPI) measures the change in the price of goods sold by manufacturers. On the year-on-year basis, the Eurozone PPI is expected to fall -0.7% in December.

US Factory Orders: The Factory Orders are expected to be a 1.2% rise in orders for December compared with a -0.7% fall the month before. A higher than expected reading should be taken as positive for the US dollar.

Technical Analysis:

Gold: The Gold Price showed a downward movement in the Asian Trade Session and dropped below the major resistance level of 1575. As long as the yellow metal price stays below 1575, on a daily basis, the fall may gain more momentum and we will see 1564 as a daily support level. On the other hand, if the price goes beyond 1575, the next resistance level will be found at 1584.

Support: 1564 - 1555 - 1540

Resistance: 1575 - 1584 - 1590

EUR/USD: The EUR/USD pair is currently trading above the 1.1052 daily support level. As long as the price stays above 1.1052 on a daily basis, the resistance level can be found at 1.1114. On the other hand, if the price moves down 1.1052, we will see 1.1007 as the next support level

Support : 1.1052 - 1.1007 - 1.0965

Resistance : 1.1114 - 1.1165 - 1.1237

USD/JPY: The USD/JPY pair moved up above the 108.79 main level. If the price stays above 108.79 on a four hourly basis, we will see 109.09 as the daily resistance level. Otherwise, if the price drops below 108.79 again, we will follow the next support level at 108.52 again.

Support : 108.79 - 108.52 -108.14

Resistance: 109.09 - 109.39 - 109.72

USD/CAD: The USD/CAD pair showed an upward movement yesterday. Now the price is trading above the major support level of 1.3287. As long as the pair stays above 1.3287 on a daily basis, the rise may continue and we will follow 1.3344 as a resistance level. On the other hand, if the price drops below 1.3287, we will see the next support level at 1.3233.

Support: 1.3287 - 1.3233 - 1.3181

Resistance: 1.3344 - 1.3410 - 1.3466

EUR/GBP: The euro surged versus the Sterling yesterday. The EUR/GBP pair is currently trading above the 0.8488 daily support level. In the event that the rise continues above 0.8488, we will follow the major resistance level at 0.8535 and 0.8584. On the other hand, if the price drops below 0.8488, the main support level will be at 0.8433.

Support : 0.8488 - 0.8433 - 0.8373

Resistance : 0.8535 - 0.8584 - 0.8626

DOW30 FUTURES INDEX: The Dow Jones 30futures index showed an upward movement in the Asian Trading Session. If the rise continues above 28554, the resistance levels can be found at 28652 and 28778. In contrast, if the price falls below 28554, we will see the 28447 support level.

Support: 28554 - 28447 - 28250

Resistance: 28652 - 28778 - 28973

GBP/USD: The GBP/USD pair showed a downward movement and dropped to the 1.2947 main support level. As long as the price stays above 1.2947 on a four hourly basis, the fall may pause and the daily resistance level will be at 1.3046. On the downside, if the pair breaks down below 1.2947, the next support level can be seen at 1.2838.

Support: 1.2947 - 1.2838 - 1.2768

Resistance: 1.3046 - 1.3136 - 1.3231

Will Gold Pullbacks Continue?
 

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Will Gold Pullbacks Continue?

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Comments (1)
Hamza Lewal
Hamza Lewal Feb 04, 2020 5:14AM ET
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well spotted
 
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