MARKET INSIGHTS: XAUUSD (Gold) | Asia Capital Markets
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April 15, 2021 by Mario Soto

Technical analysis: MARKET INSIGHTS: Gold is on the daily resistance trendline, with RSI technically hinting of a further downside for the precious metal. Horizontal trendline should be somewhere 1757.10, with horizontal support at 1716.71. Within the horizontal resistance and support is a trading range of 400 pips, indicative of enough liquidity and viable trading opportunity.However, with a Doji bar showing on D1 as of press time, better to switch to H4 to determine where the market is going at the moment. Notably, the trend has been rangebound thus far. By going short, a breakout strategy below 1732.16 could be optimal, with initial target at intraday support of 1729.49. Further pullback could be down to the next intraday support of 1722.70.Fundamental analysis: All eyes shall be on US data – jobless claims, retail sales and Philadelphia Fed manufacturing index – to be released simultaneously tonight at 8:30 pm PH time.Historically, better-than-expected figures have pushed the US dollar up in turn dragging the price of gold down. Should all, if not majority of US data came out worse-than-expected, expect gold to strengthen with the greenback weakening.* Comments and analysis reflect only the views of Asian Capital Markets at any given time and are subject to change at any time. Always trade with discretion and observe prudent risk management by putting the necessary target and stop levels.
xauusd-h4-asia-capital-markets-3 APRIL 15
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