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FxWirePro: Gold Daily Outlook
Ichimoku analysis (1-Hour chart)
Gold continues to trade lower for the third consecutive days on a bullish US dollar index. DXY jumped more than 100 pips on better than expected US economic data, the declining chance of fiscal stimulus before the election. The dollar index is struggling to close above 94. Any close above will take the index till 95. The 10-year yield jumped more than 6% yesterday, the biggest daily jump in three weeks.
The US Q3 advance GDP rose to a record 33.1% annualized pace compared to forecast 32. %. The number of people who have applied for unemployment benefits declined to 751K vs estimate of 763K. The ECB monetary policy stated that Europe is in trouble and the central bank willing to provide more stimulus.
In the 1-hour chart, Gold is trading well below 200 and 100 MA. Any break below $1860 will take the pair till $1848/$1840. On the higher side, near term intraday resistance is around $1900 and any indicative break above that level will take till $1910/$1921/$1933.
It is good to sell on rallies around $1888-89 with SL around $1900 for the TP of $1860.