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Gold May Hit $1152 Ahead of NFP Report

Discussion in 'Technical Analysis' started by Sandra S., Sep 1, 2015.

  1. Sandra S.

    Sandra S. Forum Member

    Sep 1, 2015
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    Gold prices fell intraday, but managed to recover before Wall Street's closing bell, with spot gold ending the day pretty much unchanged above $1,134.00 a troy ounce.

    The commodity was confined to a limited intraday range as investors are now reluctant to take strong positions, in the wake of the US NFP release later this week, which can determinate whether the FED will be able, or not, to raise rates later this month.

    The bright metal maintains a mild positive tone, as the daily chart shows that it bounced from a bullish 20 SMA, whilst the technical indicators hold in positive territory, albeit losing upward strength.


    In the 4 hours chart, the price holds also above a mild positive 20 SMA, whilst the technical indicators lack directional strength, but remain in positive ground.

    At this point, the spot needs to extend beyond Friday's high of 1,140.82, the immediate resistance, to be able to extend its advance over the upcoming sessions.

    Support levels: 1,126.70 1,118.0 1,109.20

    Resistance levels: 1,140.82 1,146.45 1,152.90

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