Gold price – weekly technical analysis January 9-13

The price of gold continued to rise for the second week in a row, recovering from its lowest level in 11 months at the price of 1122, which was recorded on the 15th of last December, after finding support after the declines that dominated the trading of the US dollar since the last week in December, towards the end of the year 2016

The following are the most important economic data expected to be released this week, which will affect the price of gold:

Next Thursday, at 13:30 GMT, US jobless claims data will be released, and expectations indicate that 266 thousand applications will be registered, while the previous reading recorded 235 thousand applications.

And on Friday at 12:00 GMT, Janet Yellen, the governor of the US Federal Reserve, is scheduled to speak in the framework of the Town Hall meeting, which is scheduled to be held in the US capital, Washington.

Also on Friday, at 13:30, retail sales data will be released on a monthly basis and expectations are to record 0.5% compared to the previous reading of 0.1%, while the index with its core value is expected to record 0.5% versus 0.2% in the previous reading.

The PPI reading is released on a monthly basis and expectations indicate a recording of 0.1%, while the previous reading recorded a rate of 0.4%, as for the actual reading for the same indicator, expectations are for 0.3% during December, compared to recording 0.4% in November.

At 15:00 GMT, the preliminary reading of consumer confidence in the United States was released, and expectations indicate a record of 98.6, while the previous reading recorded 98.0.

Technical outlook on gold January 9-13

The price of gold is now trading at the level of 1187.34, as the price rose, surpassing the 23 Fibo line, to trade at the resistance level on the daily time frame, as shown in the graphic

gold price

gold price

Trading is now taking place above the level of the average moving indicator line, and both MACD and Stochastic are showing a positive crossover towards the bullish trend on the daily time frame.

Therefore, the price is expected to continue rising to target the level of 1196.00 during this week's trading

 

 

Mohamed Abdel Khaleq
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