Despite the mixed closing of the US major stocks indexes, Shanghai composite could make remarkable progress in the beginning of today session, after news about PBOC injection of 50b Yuan for 14 day reverse repo and 50b Yuan for 28 day reverse repo setting USDCNY today down to 6.5510 from 6.5783 yesterday.
Jan US ISM came yesterday unchanged in the contraction territory below 50 at 48.2 as it has been in December versus 48 expected.
US PCE which is the Fed's favorite gauge of inflation rose by 0.6% year on year in December, after increasing by 0.5% in November with no monthly change of US consumer spending figure which accounts for 70% of US GDP versus 0.1% expected, after soaring by 0.5% in November, while the personal income rose by 0.3% in December as the same as November versus 0.2% expected.
The Fed's vice president Stanley Fischer said after the session that the next Fed's step is still unclear amid the global uncertainty adding that it is too difficult to gauge the impact on the U.S. economy from recent turmoil in financial markets and uncertainty over China.
His comments supported the Gold further and lowered the future rates of S&P 500, as they assured the Fed's worries and also uncertainty which can delay the next Fed's tightening step.
The FOMC has already indicated last week the current need for waiting and see for assessing the global economic slowdown and the financial development implications for the labor market, the inflation, and for the balance of risks to the outlook.
The gold kept its creeping up to reach $1130.23 supported by lower interest rate outlook in US to be in important meeting now with it daily SMA200.
The gold could gather momentum, after getting over its daily SMA100 following surpassing $1112.75 which capped it on last Nov. 4.
$1071.22 could help the gold previously to bounce up again above its daily SMA50 forming a floor at $1057.98 which drove the gold to start being above its daily Parabolic SAR (step 0.02, maximum 0.2) for 22 consecutive days reading today $1106.56.
XAUUSD daily RSI-14 is referring now to existence in its neutral area reading 63.515, while its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in the neutral region but close to the overbought area above 80 reading 78.521 and leading its signal line which is reading now 74.802.
Important levels: Daily SMA50 @ $1082.33, Daily SMA100 @ $1106.11 and Daily SMA200 @ $1130.91
S&R:
S1: $1108.26
S2: $1071.22
S3: $1057.98
R1: $1138.05
R2: $1149.84
R3: $1162.45
Have a good day
Walid Salah El din
Chief Tech Analyst of Trade-24
Jan US ISM came yesterday unchanged in the contraction territory below 50 at 48.2 as it has been in December versus 48 expected.
US PCE which is the Fed's favorite gauge of inflation rose by 0.6% year on year in December, after increasing by 0.5% in November with no monthly change of US consumer spending figure which accounts for 70% of US GDP versus 0.1% expected, after soaring by 0.5% in November, while the personal income rose by 0.3% in December as the same as November versus 0.2% expected.
The Fed's vice president Stanley Fischer said after the session that the next Fed's step is still unclear amid the global uncertainty adding that it is too difficult to gauge the impact on the U.S. economy from recent turmoil in financial markets and uncertainty over China.
His comments supported the Gold further and lowered the future rates of S&P 500, as they assured the Fed's worries and also uncertainty which can delay the next Fed's tightening step.
The FOMC has already indicated last week the current need for waiting and see for assessing the global economic slowdown and the financial development implications for the labor market, the inflation, and for the balance of risks to the outlook.
The gold kept its creeping up to reach $1130.23 supported by lower interest rate outlook in US to be in important meeting now with it daily SMA200.
The gold could gather momentum, after getting over its daily SMA100 following surpassing $1112.75 which capped it on last Nov. 4.
$1071.22 could help the gold previously to bounce up again above its daily SMA50 forming a floor at $1057.98 which drove the gold to start being above its daily Parabolic SAR (step 0.02, maximum 0.2) for 22 consecutive days reading today $1106.56.
XAUUSD daily RSI-14 is referring now to existence in its neutral area reading 63.515, while its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in the neutral region but close to the overbought area above 80 reading 78.521 and leading its signal line which is reading now 74.802.
Important levels: Daily SMA50 @ $1082.33, Daily SMA100 @ $1106.11 and Daily SMA200 @ $1130.91
S&R:
S1: $1108.26
S2: $1071.22
S3: $1057.98
R1: $1138.05
R2: $1149.84
R3: $1162.45
Have a good day
Walid Salah El din
Chief Tech Analyst of Trade-24
The gold is in serious meeting with its daily SMA200
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