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Gold remains trapped in a set range above $ 1300 — Forex Stock Trade




Gold remains trapped in a set range above $ 1300




After falling towards the level of $ 1300 in the middle of a sentiment improved in the market and a stronger dollar, the ounce troy of the precious metal is having a difficult time finding the address on Tuesday. At this time, the pair of XAU/USD operates at $ 1310, gaining 0.2% on the day.

The small gains in the pair today seems to be a product of a selling pressure modest witnessed in the dollar. After a batch of macroeconomic data mixed of the united States, the rate of the us dollar is struggling to recover your losses daily. According to data published by the Bureau of Economic Analysis, the current account deficit in the united States rose to $ 123.1 billion in the second quarter of 2017 is $ 113.5 billion in the first quarter of 2017. On the other hand, from January at 0.6%.

The feeling of risk, that usually affects the price action of the traditional haven of gold safe, it is also unclear today. In fact, the main indexes of equities in the united States began the day almost unchanged as investors are preparing for the important FOMC meeting tomorrow.

«Even so, in the last week or so, the market has moved to recognize a probability something more than another rise of the Federal Reserve by the end of the year. This means effectively the December meeting. The calculation of the CME puts the odds in 55.8%, interpolating from the band future of the funds of the Fed «, noted analysts at BBH in a recent report. A greater expectation of a hike in rates from December to the end of the morning meeting could allow the greenback to gather strength against its peers.

Technical perspective

The indicator CCI on the daily chart recently turned to the north below -100, which suggests that at the moment downtrend is losing force. A daily close below the critical level of $ 1300 (psychological level) would open the door to further losses towards $ 1292 (a minimum of 28 of August) and $ 1284 (minimum of 24 August). To the upside, resistance could be seen at $ 1319 (maximum of 18 September), $ 1327 (DMA 20) and $ 1334 (a minimum of 14 September).



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