Trial now
USDCAD TECHS

Still Vulnerable

AUDUSD TECHS

Bullish Price Sequence

Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

A stagnant round of FX trade and the closure of the cash Tsy space during Asia-Pac hours has left gold in a narrow range. This comes after an uptick in the DXY and U.S. real yields kept a lid on gold on Friday, as spot closed just above its weekly low. Spot last deals little changed at $1,753/oz, with initial technical support located at the Sep 16 low ($1,745.3/oz). A break below initial support would expose the 76.4% retracement of the Aug 9-Sep 3 rally ($1,724.5/oz). To the upside, initial firm resistance is seen at the Sep 14 high ($1,808.07/oz). Wednesday's FOMC decision, specifically any communique surrounding the central bank's tapering plans, provides the focal point for participants this week.