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Gold Hits 11-Week High - 3 February 2017

Gold climbed to the highest level in 11 weeks on Thursday on political uncertainty in the U.S but gave up some of its gains in Asia today as investors awaited the U.S. jobs report. The XAU/USD pair tested the $1225 level as expected after the bulls pushed prices beyond the $1220/19 area but the market found significant amount of resistance in the vicinity. The precious metal is trading at $1213.32, slightly lower than the opening price of $1215.39 and it appears that we will probably have to wait for the release of the NFP data before the market makes a meaningful move.

XAUUSD Daily

The intra-day key levels all remain the same as yesterday. At this point, the market will either climb back above the 1220/19 zone and head towards the 1225 level, or drop below the 1208/5 area and retreat to the 4-hourly Ichimoku cloud. A break down below the 1200 level indicates that the bears will be targeting 1195/3. Penetrating 1225, on the other hand, could foreshadow a move towards 1232.

XAUUSD h4

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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