SPOT GOLD – directionless n/t action eyes US data / Fed Yellen’s speech for fresh signals
Spot Gold made no reaction on North Korea’s latest missile launch, staying in directionless mode for the second day.
A batch of data from the US are due today and along with speech of Fed’s chair Janet Yellen, expected to provide more clues about trajectory of US central banks monetary policy.
From the technical point of view, outlook remains positive on firm bullish setup of daily studies. However, Monday’s strong upside rejection at $1299 and yesterday’s Doji candle, could early signs of stall.
Broken base of widening daily cloud offers solid support at $1288, which is expected to hold keep alive hopes of fresh upside and possible test of daily cloud top ($1309) break of which could trigger further bullish acceleration.
Conversely, close below daily cloud base would generate negative signal and risk fresh weakness.
Res: 1297; 1300; 1306; 1309
Sup: 1292; 1288; 1286; 1282