Gold to Shine Brighter Against the Dollar: Market Forecasts for April 6th – April 10th

Weekly Technical Outlook: XAU/USD

 

• Stop loss 1179.30
• Entry level 1193.60
• First Target at 1209.95
• Next targets to test at 1216.90, 1222.62

 

 

Technical Analysis

 

XAU/USD on the daily chart as seen above has found support at a very important level. The price in the past has respected this level and bounced off suggesting that, this time too, the level is looking good for going long on the pair.

The price action also tells us that the two bar reversal along with the three bar formation on the pair shall see some upward bias, but we shall look for some pull-back at around 1193.60 as price had not closed past the Fib levels of 61.8 at the end of last week. The area around 1193.60 or 1192.00 should be a good place to enter and go long on the pair.

Economic

 

• Markit Services PMI, Markit PMI Composite on Monday April 06 2015 along with ISM Non-Manufacturing PMI
• MBA Mortgage Applications and FOMC Minutes on Wednesday April 08 2015
• Initial Jobless Claims released by the US Department of Labor on Thursday April 09 2015
• Import Price Index both (MOM) and (YOY)
• The current support levels where price has bounced of strongly in the past.
• Wait for that all important pullbacks prior to entry around the 1193 – 1192 levels.
• The two bar along with three bar fractals bullish signaling bullish movement.
• The fib level of 61.8 is been tested as seen and price had not closed above the levels last week.

 

Area of Interest

 

• The current support levels where price has bounced of strongly in the past.
• Wait for that all important pullbacks prior to entry around the 1193 – 1192 levels.
• The two bar along with three bar fractals bullish signaling bullish movement.
• The fib level of 61.8 is been tested as seen and price had not closed above the levels last week.

 

For more detailed analysis from this author, please visit http://www.noafx.com/