fundamental News - XAUUSD
Gold prices rebounded after sliding through support levels which is now
short-term resistance. The dollar whipsawed following a more robust than
expected ADP Private payroll report. Powell and Yellen were both on the
hill for their second day of testimony.
Yields were mixed, which flattened the curve. The two-year yield
continued to rise while the 10-year sold off.
According to ADP, private payrolls increased by 534,000 in
November, better than the expected 506,000. The total was a decline from
the October growth of 570,000, which was revised lower by 1,000. Big
business led job creation by company size. The industry
that includes bars, restaurants, hotels and similar businesses saw a
gain of 136,000, part of the 424,000 positions added in the services
Gold prices rebounded, rising back up to former support now
resistance at, an upward sloping trend line that comes in near $1,785,
which coincides with the daily 50-SMA. Support is seen near the November
lows at $1,758.
Medium-term momentum has turned negative as the MACD (moving
average convergence divergence index) generated a crossover sell signal.
This scenario occurs as the MACD line (the 12-day moving average minus
the 26-day moving average) crosses below the MACD
signal line (the 9-day moving average of the MACD line. Short-term
momentum has turned positive as the fast stochastic generated a
crossover buy signal. Prices are oversold as the fast stochastic is
printing a reading of 4, below the oversold trigger level
expectation today: neutral