XAU/USD outlook: Gold hits new record high above $3,300
XAU/USD
Gold broke above psychological $3300 barrier and hit new record high on Wednesday morning, as growing uncertainty over US-China trade war sparked fresh wave of migration into safety, with weaker dollar adding support to metal’s price.
Deteriorating fundamentals after China decided to stop any further deliveries from Boeing, warn of severe negative impact from escalation of conflict that keeps bullish outlook for the yellow metal.
The latest rally took just four days to rally from one to the other round-figure level, indicating that bulls hold grip despite the recent jumps from $3000 to $3100 and from $3100 to $3200 which took only two days each.
Subsequent dip below $3300 (correction low was $3288) is seen as positioning for fresh push higher, with daily close above $3300 level required to confirm break and shift focus on next targets at $3329, $3350 and $3378.
Caution on break below $3288 (reinforced by rising 10HMA) which would sideline bulls for deeper correction.
Res: 3317; 3329; 3350; 3378.
Sup: 3300; 3288; 3277; 3264.
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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.
