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PROPRIETARY NEWSLETTER

April Gold Futures news and research – BrokersEDGE – 3-7-19

Published Mar-07-2019

Stacks of gold bars


Gold (April)
Yesterday’s close: Settled at 1287.6, up 2.9
Fundamentals: Gold is getting pressured early this morning on Euro weakness. The ECB made a decisively dovish move by reintroducing the TLTRO at their policy meeting this morning. Treasuries are moving higher, however, the Dollar strength has offset this effect on Gold. Traders must monitor the currency situation close as we head into Nonfarm Payroll tomorrow morning. On the U.S data front weekly Initial Jobless Claims, Unit Labor Costs and Nonfarm Productivity all beat expectations. Fed Governor Brainard speaks at 11:15 am CT.
Technicals: Price action made a quick dip to a new low of 1280.8 at 2:00 am CT. This was met with quick buying that bounced Gold back into the middle part of its range this week. Remember, major three-star support comes in at 1273.2-1280. Furthermore, first key resistance comes in at 1291.3 and after a spike to 1289.6 upon the ECB announcement, this level continues to prove to be a ceiling. Gold is consolidating within this range but given the technical damage last week, the bulls must, must secure a close above 1291.3 in order to neutralize this weakness or face this technical damage head-on as the bears continue to attempt to pierce major three-star support.
Bias: Neutral/Bullish
Resistance: 1291.3**, 1298.1-1299.2**, 1304.7-1306.5***
Support: 1273.2-1280***

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