Wednesday, February 6, 2019

GOLD - 06 February 2019

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Fundamental Highlights

XAU/USD dropped to $1310 during yesterday's session however remained in positive territory supported by a sharp fall seen in the 10-year US T-bond yield, following worth than expected ISM Non-Manufacturing and Services PMI figures. However the greenback is not loosing ground especially ahead of Powell's speech today which is expected to be positive after a strong NFP report.

Technical Analysis

Gold prices managed to stay in the green during yesterday's session after finding support from the $1310 area but the precious metal is facing another wave of sellers that kind of let it enter into a consolidation phase with a bias to the downside. The price is currently hovering above the $1312.38 support level but the momentum is still bearish and we expect a downward move. We will be focusing on the $1307.09 support level.

Support: 1312.38/ 1307.09
Resistance: 1316.78 / 1326.20

Chart (H4)
XAUUSD

 
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