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Gold looking to recoup 1231on USD weakness

Market Analysis

USDJPY, Daily               

The news of President Trumps national security adviser (Michael Flynn) resigning over “inappropriate” contacts with Russia has spiked the Japanese Yen and Gold and dented the USD in overnight trades. Flynn said in his resignation letter that he had “inadvertently” misinformed Vice President Michael Pence about his contacts with Russia because of “the fast pace of events.”

The 1 hour Gold chart has broken over the 50 period MA at 1228.30 and is gaining momentum the short term MACD and RSI are both moving up and the parabolic SAR remains positive. The 1 hour and 4 hour resistance coincide at 1231.00. The 1 hour 14 period ATR (1.65) offers potential target level from here as we European and London traders take to their seats.

 

 

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Stuart Cowell

Senior Market Analyst

HotForex

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