Gold
Comex Gold price trading flat after Memorial day Holiday. Precious metals were holding a bit since yesterday and due to Memorial Day holiday in US we had flat to low volumes. Even today we opened a bit weak but currently trading in a 2$ range since early morning. In my yesterday’s gold report i suggested gold is on higher side due to trade war risk between US & China. But currently China did not engage or impose any new tariff despite US banning one of the best gem in China’s belt Huawei.
Many market expert believe China may not retaliate and may just stay idle to play this out. China may just pass the cost to consumer and ultimately its US consumers who will be paying cost of Trump’s tariffs not China’s manufacturers. US also facing a lot of heat around the globe due to its recent step to ban Huawei. Google also feeling pressure as many neitzens are criticizing google to fall into US govt hands to impose ban on a particular company.
Currently China may just go ahead and create their own mobile OS which will serve more than 1.3 billion people and later they may market that OS into other part of the world. If China manage to create a good mobile OS then it may be the answer to IOS and Android’s monopoly. Google and US would loose more than China in this and that is for sure.
Currently gold price trading at 1283.40$. Good support in xauusd chart stands at 1275$. If traders break and sustain below 1275$. Then expect good pressure in this precious metal till 1267$- 1260$.
Resistance in comex gold chart stands at 1292$. If market break and sustain above 1292$. Then expect good rise in this precious metal till 1299$- 1307$.
Conclusion: Currently precious metals are looking flat to weak. Look to sell on rise till our resistance is intact. Keep an eye on global events to track the movement even better.
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