XAU/USD Outlook: Gold tumbles as positive signals from trade talks boost risk appetite
|GOLD
Spot gold is holding in red for the second straight day and fell to the lowest level in one week ($1479) on Friday.
Optimistic tones from top US/China trade negotiations, with good signals for possible solutions, prompted investors into riskier assets and put safe-havens on hold.
Daily techs turned to full bearish mode, following Thursday's penetration of daily cloud, loss of psychological $1500 support and close below pivotal support at $1496 (Fibo 38.2% of $1459/$1519 upleg).
Today's bearish extension cracked next pivot at $1482 (Fibo 61.8%), close below which would add to bearish signals, as the yellow metal is on track for strong bearish weekly close and forming bearish engulfing pattern.
Below $1482, bears would look for $1473 (Fibo 76.4%) and more significant daily cloud base ($1469).
Broken daily Tenkan-sen ($1489), guarding $1500 level and daily cloud top ($1505).
Res: 1482; 1489; 1496; 1500
Sup: 1473; 1469; 1464; 1459
Interested in XAU/USD technicals? Check out the key levels
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