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Gold Falls on Stronger Dollar, Equities - 10 February 2017

Gold prices dropped $13.18 an ounce yesterday as the strength in the dollar and global equities sapped demand for the metal as an alternative investment. The XAU/USD pair initially tried to break upwards but came under fresh selling pressure at around the anticipated $1242.50 resistance level. The market fell below the $1237 level after data from the Labor Department showed the number of people filing first-time claims for unemployment insurance payments dropped by 12K to 234K.

The short-term charts show signs of exhaustion, with prices trading below the Ichimoku clouds on the M30 and H1 time frames, plus we have negatively aligned Tenkan-Sen (nine-period moving average, red line) and Kijun-Sen (twenty six-period moving average, green line) lines on both charts. In other words, the downside risks will remain unless prices climb back above the 1230/29 zone.


To the downside, the bears have clear nearby support in the 1220/19 region if they intend to push prices lower. In that case, the 1213/1 area where the bottom of the weekly cloud sits will be the next target. Falling through this support may pull the market back to the 1208/5 region. However, if XAU/USD breaks through 1230/29, then it is likely that the market will visit 1233.50 afterwards. Beyond that the next challenge will be waiting the bulls at 1237.


Alp Kocak
About Alp Kocak
Alp Kocak has been trading Forex since 2003. He writes technical analysis based on Japanese candlesticks and Ichimoku Kinko Hyo.

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