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31 Oct 2018
Gold Technical Analysis: Consolidation likely ahead of US employment cost data
- Gold is looking oversold as per the hourly chart relative strength index (RSI). Notably, a bullish RSI divergence would be confirmed if the current or the next hourly candle report gains, without printing lows below the session low of $1,215.
- The action on the hourly chart indicates the pullback from the recent highs above $1,.243 could be nearing an end, however, only an acceptance above the falling trendline would put the bulls back into the driver's seat.
- A break above the falling trendline will likely remain elusive if the US employment cost index, due for release at 12:30 GMT, indicates that wage-price inflation picked up the pace in the third quarter.
Hourly Chart
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Trend: Consolidation
XAU/USD
Overview:
Last Price: 1217.64
Daily change: -5.4e+2 pips
Daily change: -0.438%
Daily Open: 1223
Trends:
Daily SMA20: 1226.14
Daily SMA50: 1208.88
Daily SMA100: 1207.1
Daily SMA200: 1248.52
Levels:
Daily High: 1230.58
Daily Low: 1219.6
Weekly High: 1243.43
Weekly Low: 1219.9
Monthly High: 1212.64
Monthly Low: 1180.63
Daily Fibonacci 38.2%: 1223.79
Daily Fibonacci 61.8%: 1226.39
Daily Pivot Point S1: 1218.21
Daily Pivot Point S2: 1213.41
Daily Pivot Point S3: 1207.23
Daily Pivot Point R1: 1229.19
Daily Pivot Point R2: 1235.37
Daily Pivot Point R3: 1240.17