Gold Analysis: Upside favoured, Pennant breakout on daily sticks

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Having displayed a pennant bullish break on Thursday, XAU/USD (gold price in terms of USD) witnessed an almost $ 30 rally on Friday and rose to the highest levels in thirteen months at 1279.84. The bullion booked heavy gains in the US last session, after the US labour market report failed to boost further Fed rate hike bets this year. Although NFP bettered expectations (242k actual vs. 195k exp.), average hourly earnings grew only 2.2% y/y in Feb, missing expectations for unchanged performance

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