Gold

Spot gold fell $10 in European trading on Thursday on fresh risk mode, sparked by optimistic news regarding US/China trade talks.
Fresh weakness erased Wednesday’s recovery and pressures again daily cloud base ($1478), cracked on Tuesday’s 1.7% fall.
Renewed demand for riskier assets soured gold’s near-term sentiment, as bearish daily studies maintain pressure and Tuesday’s long bearish daily candle weighs.
Break below daily cloud would generate stronger bearish signal for extension of bear-leg from $1515 (1 Nov high) but traders look for further clarification of development in trade talks, following optimistic comments released this morning, to have clearer direction signal.
Converged 20/30 DMA’s (1494) mark solid resistance which should keep the upside protected and maintain bearish bias.
Only sustained break above $1500 pivot would neutralize bears and shift focus higher.

Res: 1489; 1494; 1497; 1500
Sup: 1481; 1479; 1476; 1473

Gold

 

Interested in XAU/USD technicals? Check out the key levels

    1. R3 1507.24
    2. R2 1500.64
    3. R1 1495.9
  1. PP 1489.3
    1. S1 1484.55
    2. S2 1477.95
    3. S3 1473.21

 

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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