Gold Going Nowhere - Symmetric Triangle Pattern Holds - Forex News by Strategia Forex

Gold Going Nowhere – Symmetric Triangle Pattern Holds

Posted Thursday, August 29, 2019 by
Arslan Butt • 1 min read

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!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
Related Articles
The market is likely to exhibit fluctuations in the wake of the busy calendar. The UK Retail Sales, Philly Fed Manufacturing from the US....
2 hours ago
Comments

Leave a Reply

avatar
  Subscribe  
Notify of