Gold on the bids near $1523 following latest trade/political headlines


  • Gold remains strong as Chinese media pours cold water on the US President’s expectations.
  • Dovish comments from the Fed policymakers and North Korean missile tests also please bulls.

Despite the US President’s latest trade-positive claims, Gold takes the bids to $1523 as China’s press defies statements from the White House leader during early Friday.

The US President Donald Trump recently said that China wants to make a deal with the US and he doesn’t expect any retaliation to the latest tariffs from the dragon nation. However, China’s Global Times, later on, poured cold water on it while anonymous official inside China’s Ministry of Commerce who told specific measures are planned after the US tariffs activate.

Adding to the safe-haven demand is the news that North Korea again test-fired two projectiles and dovish recent comments from the US Federal Reserve officials.

As a result, the US 10-year treasury yield remains on the back foot while making the rounds to 1.523%. However, the recent recovery in the 2-year notes keeps the bullion’s upside checked.

Investors may now keep an eye over the trade/political news as the US housing/consumer sentiment numbers are a bit away from publishing.

Technical Analysis

Buyers are looking for a successful break of $1,535, in order to aim for $1,565, $1,600 and then targeting March 2013 top near $1,620. However, a downside break of $1,500 could trigger fresh pullback towards $1,485 and July month high surrounding $1,453.

 

    1. R3 1548.83 
    2. R2 1537.81 
    3. R1 1530.5 
  1. PP 1519.48
    1. S1  1512.18
    2. S2  1501.16
    3. S3  1493.85

 

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