Gold
Gold price again dip from highs and made low around 1280$ before recovering to test new high. In my yesterday’s gold analysis, I mentioned support of 1278$ which gold respected pretty well.
Gold price trading in 6-7$ range since Tuesday and trying to break resistance since then. Even yesterday gold tested 1290$ and reversed back to test lows. Gold just hovering around to test resistance of 1292$ which is major trend reversal point in this precious metal.
Major strength in gold is coming from weak world stock markets. Almost every stock market is trading in red since President Trump announced additional tariffs on chinese goods. Those tariffs will kick in from today and we need to watch how Dow Jones and other market reacts. China may or may not retaliate with additional tariffs on US goods by this weekend.
We have UK GDP numbers today which would give an idea about how their economy is faring while whole world wait for Brexit. Keep an eye on this data too.
Gold price trading at 1284$, it lost nearly 3$ in last one hour and trying to test lows for now. Good support in xauusd chart stands at 1278$. If traders break and sustain below 1278$ then expect good correction in intraday trading session till 1270$- 1262$.
Resistance in gold chart stands at 1292$. If traders break and sustain above 1292$. Then expect good rise in intraday today till 1299$- 1307$.
Conclusion: Comex Gold trend is flat to positive for now. Look to buy in dips and avoid selling on higher levels.
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