Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Octa trading broker
Open trading account
Back

Gold: $1310 support at risk amid better than expected US data

  • The greenback is strong on Friday with industrial data, JOLTS and Michigan sentiment index.
  • Gold bulls might be running out steam as they get tired to defend 1310.

Gold is trading at around 1311.50 down 0.22% on Friday despite mounting hostilities over the attempted murder of a former Russian spy on the UK soil, which triggered geopolitical uncertainties. The precious metal fell to 2-week lows versus the USD following stronger than expected US industrial output data coming at 1.1% vs 0.3% forecast and JOLTS job openings in January coming at 6.312m vs 8.890m forecast. The Michigan consumer sentiment index came in at 102.0 vs 99.3 forecast which is all good news for the greenback which saw a breakout in the Dollar index from 89.90 to 90.37 in the US session. 

Gold daily chart

Gold is capped by its daily 50-period simple moving average where it has acted as dynamic resistance since about a month. The 1310 support has proven to be quite reliable since the start of 2018 with bulls buying aggressively after any incursion below the 1310 level. Now the both the 100 and 200-period simple moving average are coming to the rescue and only time will tell if they can additionally provide the support that gold needs. It is worth noting that gold is evolving in a triangle compression pattern and that the range is getting increasingly smaller. Since the start of January the market has never been able to close below the 1310 level so if the bears are able to so today, the market will certainly pay attention and maybe start wondering if the range may not be showing signs of weakness. Since February there have been two strong attempts to break 1310; the first one is February 8 and the second is March 1. Today has only broken slightly below 1310 and we need to wait until the end of the day to see whether the bears can close below the support level, in which case we might expect further downside.    

WTI spikes above $62.00 ahead of rig count

Prices of the barrel of the American benchmark for the sweet light crude oil are now edging higher, challenging 4-day peaks in the $62.00 neighbourhoo
Read more Previous

USD: Greenback to resume long-term decline against most major currencies - Wells Fargo

According to analysts at Wells Fargo, more tightening from the Federal Reserve is likely to be less supportive for the US dollar. They expect more...
Read more Next