GOLD Likely To Perform Better Moving Ahead

GOLD Likely To Perform Better Moving Ahead

By: Oliver Miller | Where To Trade | On:15-01-2015 16:02
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Key Highlights

  • AUDUSD might take the advantage of GOLD moving higher, but upside could be limited.

  • Australian Employment Change released by the Australian Bureau of Statistics came in at 37.4K whereas the market was expecting it to be around 3.8K.

  • Australian unemployment rate was 6.1% in December 2014.

  • Australian participation rate was 64.8% in December 2014, compared with the last reading of 64.7%%.

  • New Zealand Food Price Index (FPI) released by the Statistics New Zealand registered a reading of 0.3%, compared with the last time decline of 0.5%.

  • Japanese machinery orders released by the Cabinet Office increased by 1.3% whereas the market was expecting it to rise by 5% in November 2014.

  • UK RICS Housing Price Balance survey released by the Royal Institution of Chartered Surveyorsin came in at 11% in December 2014, compared with the last reading of 13%

  • Euro might continue to trade lower against the US dollar in the near term.

EURCAD

The Euro traded lower against the US dollar, but there was something to cheer for buyers, as the shared currency was seen trading higher against the Canadian dollar. There was a bearish trend line on the 4 hour chart of the EURCAD pair, which was breached recently. This particular break might ignite upside reaction in the EURCAD pair. However, the pair is struggling to clear the 200 simple moving average which is sitting along with the 38.2% fib retracement level of the last drop from the 1.4630 high to 1.3868 low. So, the pair might correct a bit lower moving ahead.

Intraday Support Level – 1.4000

Intraday Resistance Level – 1.4100

  • Overall, as long as the pair is above the 1.40 level it might continue trading higher.

  • A break above the mentioned 200 MA could take the pair towards the 1.4200 level.

If the Euro buyers manage to take the pair higher in the near term, then a break above the 200 MA might call for more gains in the near term. The next hurdle in that situation might be around the 50% fib level.

GOLD

GOLD traded higher recently, as buyers managed to overcome selling pressure and took the prices higher in the near term. However, it is facing major resistances around the $1245 level which is proving to be a major hurdle for buyers. GOLD struggled on a couple of occasions around the mentioned area. There is a bullish trend line formed on the 4 hour chart, which is likely to act as a support moving ahead. Moreover, the 23.6% fib retracement level of the last leg from the last low of $1166 is also around the highlighted trend line.

Intraday Support Level – $1225

Intraday Resistance Level – $1245

  • Buying dips around the bullish trend line look like a good option.

  • A break below the same would call for losses moving ahead.

If GOLD managed to clear the $1245 level, then it might surge higher in the near term. The next resistance might be seen around the $1260 level.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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