On Tuesday, gold is easing off a two-week peak, as the greenback trades around a one-month peak. The market risk-tone is still mildly positive despite the tension between Libya and Iraq. The reason could be the impacts of Friday's upbeat US data as well as the International Monetary Fund's (IMF) projections.
In China, due to a virus, four people have already died, and there were also reports about an Australian man who has also been recently tested for the human transmitted disease. This resulted in the creation of the Wuhan Pneumonia control center to stop further spread of the disease. Meanwhile, Wuhan has also ordered for active supervision of markets and public transportation stations to halt further spread of this virus.
There were also reports about the three rockets which arrived near the US military bases in Iraq, but no losses were reported. At the Sino-US front, finally, the US-China phase-two deal talks are expected to happen a bit later. This news came in after China's Global Times reported that China needs time to think about the impact of the trade deal.
Whereas, the market's risk-tone remains mostly directionless due to lack of headlines. On the other hand, the traders from America will come back in the market to take their positions after the long weekend and will observe the US President Donald Trump's impeachment trial on Tuesday.
|
Support |
Pivot Point |
Resistance |
|
1555.07 |
1556.52 |
1558.18 |
|
1553.41 |
1559.63 |
|
|
1551.95 |
1561.29 |
Gold has formed a strong bearish candle below 1,559 resistance, and now it's looking to cross below 50 EMA. The RSI and Stochastics are suggesting bearish bias, and gold prices can drop until 1,549.
Gold - XAU/USD - Trade Setup
Gold Sell Below 1,554
Take Profit 1,550
Stop Loss 1,557
Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.
Recommended Content
Editors’ Picks
AUD/USD recovers to near 0.6450, shrugs off mixed Australian jobs data
AUD/USD is rebounding to near 0.6450 amid renewed US Dollar weakness in the Asian session on Thursday. The pair reverses mixed Australian employment data-led minor losses, as risk sentiment recovers.
USD/JPY bounces back toward 154.50 amid risk-recovery
USD/JPY bounces back toward 154.50 in Asian trading on Thursday, having tested 154.00 on the latest US Dollar pullback and Japan's FX intervention risks. A recovery in risk appetite is aiding the rebound in the pair.
Gold rebounds on market caution, aims to reach $2,400
Gold price recovers its recent losses, trading around $2,370 per troy ounce during the Asian session on Thursday. The safe-haven yellow metal gains ground as traders exercise caution amidst heightened geopolitical tensions in the Middle East.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network price was not spared from the broader market crash instigated by a weakness in the Bitcoin market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.
Investors hunkering down
Amidst a relentless cautionary deluge of commentary from global financial leaders gathered at the International Monetary Fund and World Bank Spring meetings in Washington, investors appear to be taking a hiatus after witnessing significant market movements in recent weeks.