Gold Going Nowhere – Symmetric Triangle Pattern Holds
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.
Good luck!
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