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Long

XAUUSD TRADE SETUP

TVC:GOLD   CFDs on Gold (US$ / OZ)
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Gold and silver prices are modestly weaker in early U.S. trading Wednesday. The metals are seeing a minor downside correction following the good gains scored on Wednesday. April Comex gold futures were last down $4.00 an ounce at $1,331.20. May Comex silver was last down $0.134 at $16.65 an ounce.

The just-released ADP national employment report for February showed a rise of 235,000. Forecasters expected the ADP number to come in at up 200,000. Gold prices dipped just a bit on the news. This report suggests Friday’s more important jobs report from the U.S. Department of Labor will come in strong, too.

World stock markets were mostly lower overnight. U.S. stock indexes are pointed toward solidly lower openings when the New York day session begins. The stock, financial and currency markets are somewhat spooked after White House chief economist Gary Kohn announced his resignation amid the increasingly protectionist rhetoric coming from U.S. President Donald Trump.

The resignation of Kohn suggests Trump is pushing forward with his plan to slap tariffs on imported aluminum and steel. Kohn’s departure heightened the speculation that there is keen turmoil presently in the White House west wing.

In overnight news, the European Union warned the U.S. that it will retaliate to any U.S. trade tariffs levied against the EU.

The Euro zone reported its fourth-quarter gross domestic product at up 0.6% from the third quarter and up 2.7%, year-on-year. Those numbers were right in line with market expectations.

The key outside markets on Wednesday morning see the U.S. dollar index lower. Nymex crude oil prices are lower and trading just above $62.00 a barrel.

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the ADP national employment report, revised productivity and costs, the international trade in goods and services report, the Federal Reserve's beige book, consumer installment credit, and the weekly DOE liquid energy stocks report.

Technically, April gold futures bulls have the slight overall near-term technical advantage. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,350.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at today’s high of $1,342.00 and then at $1,350.00. First support is seen at this week’s low of $1,318.30 and then at $1,309.00. Wyckoff's Market Rating: 5.5
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On my view gold on corrective mode i'm lokking for long possition for gold base on fibonacci level...

GOOD LUCK GUYS HAPPY TRADE ; ''may the profit be with us''
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