Gold: negatively impacted by positive newsflow on the US-China talks [Video]
|Gold
Gold is another safe haven that has been negatively impacted by positive newsflow on the US/China talks. The price reaction on major markets yesterday would suggest that despite a weakening dollar, gold is not an asset to be stuck in long should there be a positive outcome from these trade talks today. A bearish outside day candle has flipped the technical outlook towards a negative near term bias once more. However, this would take another step forward fs support at $1487 were to be breached today. For now, we need to continue to see this as a medium term range, but the negative pressure would certainly ramp up should the old $1481 level be breached too. Momentum indicators are still very mixed in their configuration on the daily chart, however a growing negative bias is threatening to take hold on the hourly chart. Resistance is building around $1500 again and continued failed intraday rebounds under here be increasingly worrying for any bulls. Further positive newsflow on the trade talks and gold could accelerate lower now, with key support at $1458.50. Resistance at $1510/$1518.50 is mounting again another potential lower high looks to be forming.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.