Gold going lower ? 12 Jan 2020
Are we seeing a change of momentum in gold? If price fails to break above 1580, we might see gold going lower in the next few weeks. 1500 is a key support to watch out for.
In the weekly analysis, we are able to spot price closing with upper shadow. However, we are still in an uptrend, counter-trend traders should be cautious with their shorts.
In the broader view, macro-economic data is showing an improvement in the labour market strength with unemployment benefits claims decreased 13,000 to a seasonally adjusted 222,000 for the week. Unemployment remains at 3.5%.
Key event to watch : US-Iran conflict. Further conflict might push gold even higher.
Technical : Short
Macro: Short
In the weekly analysis, we are able to spot price closing with upper shadow. However, we are still in an uptrend, counter-trend traders should be cautious with their shorts.
In the broader view, macro-economic data is showing an improvement in the labour market strength with unemployment benefits claims decreased 13,000 to a seasonally adjusted 222,000 for the week. Unemployment remains at 3.5%.
Key event to watch : US-Iran conflict. Further conflict might push gold even higher.
Technical : Short
Macro: Short
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