Gold Price Analysis: XAU/USD drops hard as Trump gets upbeat on trade deal


  • Gold drops sharply as President Trump sees a trade deal sooner rather than later.
  • XAU/USD is likely trapped in range in the 1480-1455 zone in the medium term. 
 

Gold daily chart

  
Gold rejected one-month high while near the 100-day SMA as President Trump tweeted: “Getting VERY close to a BIG DEAL with China. They want it, and so do we!”. The comment triggered a risk-on market with equities jumping and the Japanese yen selling off. 
 

Gold four-hour chart 

 
XAU/USD sharply rejected the 1485/80 resistance zone. The price is now hovering just above the 1465 support level near the 50 SMA on the four-hour chart. At this stage, the market seems to be trapped in a range between the 1480 and 1455 levels. 
   
 

Additional key levels

XAU/USD

Overview
Today last price 1469.9
Today Daily Change -5.24
Today Daily Change % -0.36
Today daily open 1475.14
 
Trends
Daily SMA20 1466.35
Daily SMA50 1480.72
Daily SMA100 1488.62
Daily SMA200 1407.7
 
Levels
Previous Daily High 1478.6
Previous Daily Low 1462.8
Previous Weekly High 1484.06
Previous Weekly Low 1454.05
Previous Monthly High 1515.38
Previous Monthly Low 1445.8
Daily Fibonacci 38.2% 1472.56
Daily Fibonacci 61.8% 1468.84
Daily Pivot Point S1 1465.76
Daily Pivot Point S2 1456.38
Daily Pivot Point S3 1449.96
Daily Pivot Point R1 1481.56
Daily Pivot Point R2 1487.98
Daily Pivot Point R3 1497.36

 

 

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