XAU/USD outlook: Gold consolidates under new multi-year high; bullish bias above $1500 support zone

Slobodan Drvenica Windsor Brokers

GOLD

Spot gold eases from new over six-years high at $1555, which was posted in early Asian trading on Monday, as strong signals of trade war escalation on China imposing new tariffs and the US retaliation, sparked strong migration from riskier assets and boosted safe-haven demand.
Fresh news of China asking for continuation of trade talks revived risk mode, however, market participants will closely watch the situation and look for fresh direction signals.
Strong bullish tone is expected to remain intact while dips hold above psychological $1500 support, higher base at $1.1492 and rising 20DMA at $1489, with current price action being well above initial supports at $1511 (rising 10DMA) and so far looking like positioning for fresh advance.
Bullish setup of daily MA’s supports the action on one side, but south-heading momentum and bearish divergence on daily MACD / Stochastic, warn of deeper pullback.
Break of $1500/$1489 support zone would signal rising risk appetite and open way for deeper pullback.

Res: 1534; 1555; 1561; 1567
Sup: 1525; 1514; 1511; 1500

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

1. R3 1576.35
2. R2 1553.2
3. R1 1539.95
PP 1516.8
1. S1 1503.55
2. S2 1480.4
3. S3 1467.15

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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