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