European Union Foreign Exchange

Gold Technical Analysis: Waiting for Directional Catalyst

By Ilya Spivak, Currency Strategist

Talking Points:

Support: 1078.10, 1058.48, 1042.62
Resistance: 1102.94, 1122.52, 1138.35

Gold continues to tread water in a well-defined range near the $1100/oz figure as prices await a new directional catalyst. Near-term support is at 1078.10, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1058.48. Alternatively, a push above the 23.6% Fib retracement at 1102.94 clears the way for a test of the 38.2% threshold at 1122.52.

Key upcoming event risk:

05 AUG 2015, 12:15 GMT – US ADP Employment Change (JUL) – Expected: 215K, Prev: 237K
05 AUG 2015, 14:00 GMT – US Non-Mfg ISM Composite (JUL) – Expected: 56.2, Prev: 56.0
07 AUG 2015, 12:30 GMT – US Change in Nonfarm Payrolls (JUL) – Expected: 225K, Prev: 223K

Gold 05-08-2015

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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