Gold has successfully sustained high levels even though US Dollar is back with the bully tone. XAUUSD peeked this week to 1263.95, highest level since 11 Nov 2016, but then lost momentum after FOMC's members hints that Fed Rate Hikes are important now more than ever. As a result, the yellow metal rolled -$26.99 and sank to 1236.79 low yesterday.
US Dollar is on the strongest performance after Fed Rate hikes has increased from 35% on Tuesday to 69% on Wednesday (CNBC). US index peeked yesterday to 101.97, highest levels since Feb.
Fundamentals :
1- US Unemployment Rate today at 1:30 PM GMT.
2- Yellen Speech tomorrow at 6:00 PM GMT.
Technical :
Trend: Bullish Sideways
Resistance levels : R1 1250.54, R2 1263.52, R3 1273.44, R4 1282.58
Support levels : S1 1241.32, S2 1230.69, S3 1220.52, S4 1207.00
Remark : Look forward for US Data today but the main focus is shifted to Yellen speech, any hints about Fed Rates Hikes will impact gold levels. Stalling above R2 level will fuel further attacks towards R3&R4 levels. Closing below S2 level, the market will shift to bearish.
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