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Gold depends on $ & supporting by Silver week ahead

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XAUUSD Technical Overview:

Week Pivot: 1191.82

Week Key Resistance: 1200.74 - 1206.16 -1215.16

Week Key Support: 1182.90 - 1177.4 - 1168.48

Technical Indicator:

Moving Average: SMA 200 (1196.65) & SMA 55 (1198.28) strong resistance for gold.

RSI: The indicator shows downward momentum & having strong resistance at 53.41 level (See in chart)

Technical Trade Idea for week:

Most Likely Scenario: Long above 1191.40 with target 1200 - 1205 in extension.

Alternative Scenario: Short below 1191.40 with target 1182 - 1176 in extension.

Fundamental:

Gold hit a fresh six-week low late in the week, but a strong performance in silver, coupled with profit-taking in the U.S. Dollar ahead of the week-end, helped the market recover nearly half of the week’s loss.

Although the direction of gold prices will be primarily influenced by the U.S. Dollar. Traders should also pay attention to the price action in the silver market.

Silver is being supported because it is relatively cheap. Additionally, it could be attracting buyers due to inflationary expectations and industrial demand during the current economic expansion. This makes it a more attractive asset relative to gold. This may be just enough to bring in the buyers. Now that the news is out there, look for heightened volatility.

Economic news that could influence the U.S. Dollar and gold prices next week are U.S. ISM Manufacturing PMI, ISM Non-Manufacturing PMI, and the Balance of Trade.

Additionally, investors will get the opportunity to react to the September Non-Farm Payrolls report. The headline number is expected to show the economy added 185K jobs last month. Average Hourly Earnings are expected to have risen 0.3% and the Unemployment Rate is expected to dip to 3.8%.

The dollar will continue to be influenced by Treasury yields and worries over Italy. We’re going to approach the market early in the week as if a stronger dollar will make gold weak. However, we’ll quickly shift to an upside bias if another rally in silver takes control of the gold market and drags prices higher.

Thanks
YoCryptoManic

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There are no clear signs of which way the prices are going to go in the near future and though the prices have been trying to form a base at this point of time, we are not seeing any signs of bullishness in the markets as yet and this would be a matter of concern for the bulls for the short and medium term. Looking at the other instruments, there are signs that the dollar bulls might be getting tired and this could lead to a bout of dollar weakness and the bottoming signals that we are seeing in the gold prices could also be a further signal of that.

If that is indeed the case, then we should see the gold prices continue to consolidate in the short term as the market and the dollar sorts itself out and then we should see a period of strength in the gold prices in due course of time. This should help the prices move back through the $1200 region during this period and then the bulls could then be aiming for much bigger things in the short and medium term. But for that, there needs to be additional momentum that needs to be generated by the gold bulls and we will have to wait it out till we see the signs for that.

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European Session Trade:

Most Likely Scenario: long positions above 1188.10 with targets at 1193.50 & 1194.25 in extension.

Alternative scenario: below 1188.10 look for further downside with 1185.10 & 1181.35 as targets.