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Gold – XAU/USD – Everything You Need to Know Today

Posted Wednesday, May 8, 2019 by
Arslan Butt • 1 min read

Sunday’s tweets from US President Donald Trump, which caused waves on Monday, were yet breaking through markets on Wednesday ahead of another round of high-level trade talks.

Right now, the yellow metal gold’s prices are escalating to their highest in more than a week as revived worries over the US-China trade dispute and its potential impact on global growth marred risk sentiment.

The safe-haven demand slightly faded after China’s Ministry of Commerce confirmed yesterday that Vice Premier Liu He will lead discussions in Washington on May 9 and 10, extending some hope that talks have not entirely broken down. On the other hand, a dramatic dip in stock markets is also increasing the demand for safe-haven asset gold.

Technical Outlook

  • GOLD has violated 1,285 resistance area and seems to hold below 1,287 level. For your info, 1,287 has also become a second top level.
  • The RSI is testing 80 levels, signaling the potential for a bearish retracement.
  • The 200 periods MA is holding around 1,289 and may push gold prices.
  • The bullish breakout of 1,287 can extend gold’s bullish rally until 1,291. While gold can drop until 1,271 on the bearish breakout of 1,276 level.

Support Resistance
1270.75 1284.84
1262.6 1290.78
1248.51 1304.87
Key Trading Level: 1276.69

We are holding a sell position below 1,287 with a stop loss above 1289.975 and take profit at 1,282.

Good luck!

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