XAU Trading Outlook
Oil & Gold (XAU) Gold continued higher this time on USD weakness but traders have to be careful with each gain leading to a pullback before new buyers emerge.Oil Pushed towards $104 but failed to break the level and came under pressure in Asia after the Chinese data miss.
Oil & Gold (XAU) consolidated above the $1653-$1660 and we are looking to grind higher as the US Fed speakers support.Oil surged with positive stocks and weak USD back to $103 with the $100 test going to have to wait as buyers took back control overnight.
Oil & Gold (XAU) Gold dipped in Europe but when support was found we reversed direction sharply to fresh day highs above $1660. Oil was sold back to $101 but support was found and $100 has not been tested yet.
Oil & Gold (XAU) Gold was very quiet in holiday markets yesterday sticking to a $5 range for most of the day under $1650.Oil dipped to $101 before finding support and rallying to fresh day highs above $102.50.
Oil & Gold (XAU) Gold gained as the bad US jobs data suggested a loose money policy from the US for some time to come.Oil is under pressure and heading to $102 as Iran seeks to reestablish talks with the US as sanctions take its toll on the major Oil producer.
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