Gold
Comex gold trading in a tight range since it opened yesterday. We had a labor day holiday in US yesterday which restricted gold’s movements. This week we have Non farm payroll & Unemployment rate from US. These jobs numbers will be deciding factor for gold price in upcoming weeks. Later in week we have Fed chairman statement as well. Interestingly statement is due after job numbers.
In upcoming statement from Fed chairman we may see some insights how Fed is tackling slowdown and how they are ensuring growth in US economy. Trump usually criticize right after chairman speech so we may see more tweets followed by US president.
US & China still negotiating and we are still in middle of uncertainty. Few tariffs kicked this Sunday which will effect Apple Airpods and some other stuffs. Major tariff will kick this December just before Christmas holidays which might derail americans holiday spending.
I believe sooner or later US & China will reach an agreement. President Trump needs a win as he is seeking a re election for 2020. China might or might not give him this easy win. But China did some irreversible damage to american farmers as they suffer from additional chinese tariffs. We will see how american farmers react when Trump run for re-election.
Currently gold trading at 1527$. Good resistance in comex gold chart stands at 1532$. Once trader breaks and sustain above 1532$. Then expect good rise in xauusd till 1540$- 1548$.
Support in gold chart stands at 1517$. If trader breaks and sustain below 1517$ today. Then expect good pressure in xauusd till 1508$- 1500$.
Conclusion: Currently gold is stuck in a small range so clear trend is not visible. Watch technical levels closely and trade accordingly.
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