GOLD Might Continue To Face Hurdles

GOLD Might Continue To Face Hurdles

By: Ben Myers | Where To Trade | On:09-04-2015 17:08
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Key Highlights

  • British pound remained of the better performers against the US dollar, as buyers sentiment was seen improving which helped GBPUSD to gain ground better compared to other major pairs.

  • UK RICS Housing Price Balance survey representing housing costs in the UK released by the Royal Institution of Chartered Surveyors will be published for March 2015 with the forecast lined up for 15%.

  • Australian AIG performance of the Mfg. Index representing business conditions in the Australian manufacturing sector released by the Australian Industry Group posted a reading of 50.1 in March 2015, compared to last reading of 43.9.

  • Japanese Securities investment, released by Ministry of Finance representing bonds issued in a domestic market by a foreign entity in the domestic market’s currency and detailing the flows from the public sector excluding Bank of Japan managed to post ¥-3,073.5B whereas the last reading was of ¥1,017.2B.

  • Japanese Foreign investment in Japan stocks i.e. the net data shows the difference of capital inflow and outflow was also released, which posted a reading of ¥1,036.1B, compared to the last reading of ¥-35.1B.

  • In Japan, the BOJ Monthly Economic Survey i.e. a study of economic movements in Japan was released by the Bank of Japan, which failed to ignite moves in the Japanese yen pairs.

  • BOE Interest Rate Decision will be announced by the Bank of England, and would be a major event.

AUDUSD

The Aussie dollar decline was stalled around the 0.7550 support area, and since then the AUDUSD pair managed to correct higher. However, there are many hurdles on the way up for the pair, which are likely to protect the upside in the pair. The most important thing is that there is a bearish trend line on the daily chart, which acted as a barrier on many occasions. The 100-day simple moving average is also around the same trend line. So, in the medium term, the 0.7950-0.8000 levels might act as a major resistance for AUDUSD.

Intraday Support Level – 0.7620

Intraday Resistance Level – 0.7750

  • Overall, as long as the pair is above the 0.7600 level it might continue trading higher.

  • A break below the same could ignite more losses moving ahead.

If the AUDUSD pair continues to move higher from the current levels, then the 61.8% fib level of the last drop might come into play around 0.7780.

GOLD

GOLD gained heavily this week and also opened with a gap higher. However, there was a major resistance around the $1225 level, which prevented more gains in the near term. The 100 and 200 day simple moving averages are also aligned around the mentioned level acting as a hurdle for GOLD.

Intraday Support Level – $1190

Intraday Resistance Level – $1220

  • Selling rallies around the 200-day SMA looks like a good option.

  • A break above the same might call for more gains moving ahead.

If GOLD prices surges above the 200-day SMA, then it might take it towards the last high or may be close to the $1250 level.

Ben Myers

Ben Myers

Success = few pips, thousand times

Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm

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By: Ben Myers | Where To Trade | On:30-04-2015 11:13

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US Dollar Poised For Further Rise Versus Yen

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By: James Ansher | Where To Trade | On:28-04-2015 10:58

Japanese yen once again failed to hold the ground and lost all the gains against currencies like the US Dollar and the Euro, which exposes it for more declines in the near future.

NZDUSD Gains Favored As It Holds Key Lows

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By: Oliver Miller | Where To Trade | On:27-04-2015 10:50

New Zealand dollar traded lower this past week after solid gains against the US dollar, but found support around and important area which means there is a chance of recovery in the near term.

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