Gold Going Nowhere – Symmetric Triangle Pattern Holds
Gold seems bullish above 1537 as it’s been holding above this level since US session. At the same time, 14 periods EMA is signaling a...
The risk-on sentiment is still on amid the trade war between the US and China. With that, gold continues to stay supported over the boosted safe-haven appeal. Earlier today, the yellow metal gold prices edged higher profits as recession fears depressed risk sentiment, with traders following updates on the US-China trade war along with global central banks for direction on interest rates.
US-China Trade War
On the trade front, the Trump administration delivered an extra 5% tariffs on $300 billion worth Chinese imports and fixed collecting dates of September 1 and December 15.
Whereas, Donald Trump has reduced his aggressiveness on China trade rhetoric. It still remains uncertain whether US and Chinese negotiators will continue in-person talks in September as earlier suggested by US officials.
XAU/USD – Technical Levels
Support Resistance
1532.84 1546.01
1526.73 1553.07
1513.56 1566.24
Key Trading Level: 1539.9
[[Gold]] – XAU/USD – Trade Idea
Although the market is a bit calm, the US GDP figures may bring some price action. For the moment, we are staying bullish above 1539.9 and bearish below 1.544 until breakout occurs.
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