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Gold having a weak start to the week

Market Analysis

XAUUSD, H1              

Gold has had weak start to the week and has broken a key support area (1191.00 and the 20 period MA) on the 1 Hour chart. It is also now a key pivot point at the 50 period MA at 1189.00, a break of this level could see 1186 and 1184.50.  The higher 4hr time frame is also negative and the daily time frame remains below the 20 period MA.

The RSI and MACD are also suggesting further weakness should this 1189 area be breached and broken. The parabolic SAR turned negative earlier this morning.

Should the 50 period MA hold then expect a return to 1191 with further upside potential at 1195.

 

https://analysis.hotforex.com/ has had a 100% start to 2017 with five trades achieving both Targets 1 and 2 and four trades hitting target 1 for a total net gain of 3344 pips.

 

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Stuart Cowell

Senior Market Analyst

HotForex

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