Gold Rises Despite US-Sino Trade Deal – Quick Trade Plan
Arslan Butt • 1 min read
Today in the early Asian session, GOLD prices were flashing green and rose to $1,553.45, mainly due to uncertainty still surrounding the Sino-US trade deal. As we know, both countries signed a phase-one trade deal on Wednesday, but there are still doubts about whether the United States and China can maintain a friendly relationship with each other.
After signing the Sino-US trade deal, China will increase the purchase of US products and services by an additional $200 billion during the next two years. Additionally, although new tariffs have been delayed, huge US duties on $360 billion worth of Chinese products remain unchanged.
On the forecast view, the yellow metal prices may not drop further due to global growth risks. Gold prices also pulled back from the earlier gains after positive US economic data releases. This week has not been considered suitable for macroeconomic traders who looked for a bullish rally in gold prices.
Daily Support and Resistance
Pivot Point 1552.67
The technical side of the market hasn’t changed much as gold continues to move in a narrow trading range of 1,557 to 1,549. On Friday, gold is likely to find strong resistance around 1,557/58, and violation of this level can extend bullish trend until 1,562 while the immediate support stays around 1,552 and 1,549. Good luck!