- Gold bulls regain poise amid rife US-China trade and political concerns.
- Risk-off market keeps a check on broad-based US dollar recovery.
- All eyes on trade updates and US Services PMI reports.
The bulls regain poise in early European trading, offering a fresh lift to Gold, as it now flirts with four-week highs of 1482.81 amid a risk-off market profile.
The demand for the safe-haven gold has returned, as the European traders hit their desks and react negatively to the latest US-China developments on the political front after the US House approved the Xinjiang human rights bill.
The Chinese officials immediately condemned the US’ interference and threatened retaliation. The escalating US-China political tensions combined with looming trade uncertainty kept the investors unnerved, as they sought safety in the traditional safe-haven, gold.
The spot also finds support from mounting trade concerns outside China, especially in light of US President Trump’s new tariffs on Brazil and Argentina while the US tariffs threat on the EU also adds to the risk-off mood and in turn boosts the yellow metal’s demand.
Markets now look forward to the US Services PMI reports and fresh US-China trade and political developments for near-term trading opportunities, as fresh weakness in the US Treasury yields fades the broad US dollar recovery.
Gold Technical levels to watch
|Today last price||1483.84|
|Today Daily Change||6.68|
|Today Daily Change %||0.45|
|Today daily open||1477.2|
|Previous Daily High||1481.7|
|Previous Daily Low||1459.92|
|Previous Weekly High||1466.62|
|Previous Weekly Low||1450.74|
|Previous Monthly High||1515.38|
|Previous Monthly Low||1445.8|
|Daily Fibonacci 38.2%||1473.38|
|Daily Fibonacci 61.8%||1468.24|
|Daily Pivot Point S1||1464.18|
|Daily Pivot Point S2||1451.16|
|Daily Pivot Point S3||1442.4|
|Daily Pivot Point R1||1485.96|
|Daily Pivot Point R2||1494.72|
|Daily Pivot Point R3||1507.74|
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