Morning Preview: Is Gold Finding Support? - Forex News by FX Leaders

Morning Preview: Is Gold Finding Support?

Posted Tuesday, October 3, 2017 by
Rowan Crosby • 1 min read

Morning Guys and Girls,

Markets have continued to grind higher overnight as they await Friday’s jobs report and Federal Reserve Chairman Janet Yellen, who is set to speak on Wednesday. The USD has been decidedly bullish in recent times which marks a clear shift in direction.

The interest trade for me has been in gold. Since the North Korean saga began, we’ve seen a steep run-up in gold. Often times there is a flight to safety when there are geopolitical tensions in the world and the threat of war is certainly enough to put fear into the markets.

However as North Korean Leader Kim Jong-un has continued to taunt the U.S., it appears that fears have faded. Now gold is starting to find its feet.

 

Gold: Reaching Support

We’ve been in a downward channel in gold and we’ve come to the point where we are also meeting support. This type of channel will generally breakout to the upside at some point. 1270 support, has allowed us to bounce and this might just be the start of a short-term move higher.

 

Gold

Gold – 240 min Chart.

 

Key Levels

Support

Resistance

1270

1290

1256

1300

1245

1314

 
 

Top Economic Data this Week

Wednesday

GBP – Services PMI

USD – ADP Employment

USD – ISM Non-Manufacturing

 

Thursday

AUD – Retail Sales

EUR – ECB Minutes

 

Friday

USD – Non-Farm Payrolls

CAD – Employment

CAD – Ivey PMI

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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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