Gold Technical Analysis: Trapped in a sideways channel
Gold is trading in a sideways manner around $1,461 per Oz in Asia. The yellow metal is trapped in a sideways channel, represented by trendlines connecting Nov. 12 and Nov. 26 lows and Nov. 20 and Dec. 4 highs.
A channel breakdown, if confirmed, would imply a resumption of the sell-off from highs above $1,500 and open the doors for the 200-day average at $1,406. At press time, the lower edge the channel is seen at $1,454.
Gold: Struggles to justify Monday’s inverted hammer, eyes on trade news, China inflation
Gold prices extend Monday’s recovery to $1,461 by the press time of early Asian session on Tuesday. Even so, the Bullion fails to justify the candlestick formation signaling reversal of the previous heavy fall.
The precious metal’s recent upticks could be attributed to the mixed headlines concerning the trade relations of the United States (US) and China, not to forget the tri-party trade deal between the US, Canada and Mexico. While the US diplomats, including President Donald Trump, have been upbeat about the progress made on trade talks in both the instances, responses from the other side have been varied.
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