Gold gains more than $30, eyes 2019 highs on Trump’s tweet


  • Trump meets with key trade advisers, will announce a response to Chinese tariffs. 
  • Risk aversion intensifies on trade war escalation: Gold, CHF and JPY soar. 

Gold continues to rise sharply amid concerns about the impact of the escalation in the US-China trade war. The demand for safe-haven assets emerged over the last hours, leading to a rally in the yellow metal. 

China retaliates, Trump tweets and markets fear the worst 

The value of gold rose now almost $40 from daily lows. Recently reached $1,529.60/oz, the highest intraday level since August 13, when it traded at $1,535 the highest in six years. 

The bullish tone in gold and the negative momentum around the greenback remains intact, so it the metal could hit new multi-year highs soon. XAU/USD stands around $1,525; if it breaks above YTD highs, the next strong resistance is located at $1,550/55. 

Market focus is now on the announcements from the White House. It has been reported that Trump is with his trade team. In a tweet, Trump said US companies were “hereby ordered” to start looking for an alternative to China. The escalation in trade tensions increased the odds of more aggressive rate cuts from the Fed and weigh on the US dollar

XAU/USD

Overview
Today last price 1527.95
Today Daily Change 29.92
Today Daily Change % 2.00
Today daily open 1498.03
 
Trends
Daily SMA20 1479.11
Daily SMA50 1434.02
Daily SMA100 1363.56
Daily SMA200 1323.09
Levels
Previous Daily High 1504.54
Previous Daily Low 1492.65
Previous Weekly High 1534.4
Previous Weekly Low 1481
Previous Monthly High 1452.72
Previous Monthly Low 1382.02
Daily Fibonacci 38.2% 1497.19
Daily Fibonacci 61.8% 1500
Daily Pivot Point S1 1492.27
Daily Pivot Point S2 1486.51
Daily Pivot Point S3 1480.38
Daily Pivot Point R1 1504.17
Daily Pivot Point R2 1510.3
Daily Pivot Point R3 1516.06

 

 

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