There were two major points for USD during the previous week. One was related to the accomplishment of the debt-ceiling deal and the other one was related to the resilient job market in the US. During the week, the US Senate approved the debt-ceiling bill, which supported the USD, while Friday`s trading was marked with much better-than-expected results on jobs, where 339K new jobs were added in the US in May. The demand for USD increased, as of the end of the week, putting the Gold to the downside.
The price of Gold during the previous week was moving between levels of $1.933 up to $1.980. The resistance line at $1.970 could not be breached on this occasion, although it has been tested for the last two days of the week. The Gold is ending the week around level of $1.950. RSI is clearly searching for the oversold side, however, there is still some space for this level to be reached, as the indicator is currently moving around 41. Moving average of 50 days is slowing down its divergence from MA200 counterpart, but still, it does not indicate potential start of the convergence.
As per current charts, the $1.970 resistance line continues to be a hard task for Gold, but it can be tested for one more time in the week ahead. On the opposite side, there is some probability for a short term stop around $1.930 level, but at this moment, charts are not pointing that the price might go lower from here.
Important news to watch during the week ahead are:
The price of Gold during the previous week was moving between levels of $1.933 up to $1.980. The resistance line at $1.970 could not be breached on this occasion, although it has been tested for the last two days of the week. The Gold is ending the week around level of $1.950. RSI is clearly searching for the oversold side, however, there is still some space for this level to be reached, as the indicator is currently moving around 41. Moving average of 50 days is slowing down its divergence from MA200 counterpart, but still, it does not indicate potential start of the convergence.
As per current charts, the $1.970 resistance line continues to be a hard task for Gold, but it can be tested for one more time in the week ahead. On the opposite side, there is some probability for a short term stop around $1.930 level, but at this moment, charts are not pointing that the price might go lower from here.
Important news to watch during the week ahead are:
- Euro: Euro Area GDP growth rate Q1
- USD: ISM Services PMI for May
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.