Gold technical analysis: Forms Doji on easing trade tensions, focus on today’s close

Gold created a doji candle on Wednesday, taking the shine off Monday bullish breakout.
Acceptance below Doji’s low could prove costly.

Omkar Godbole FXStreet Contributor

The haven demand for Gold weakened on Wednesday one hopes that the US trade tensions with China and Europe will dissipate.

Markets were first buoyed by President Trump’s comments that talks between Washington and Beijing had not collapsed.

The risk assets received a shot in the arm in the US trading hours after the news hit the wires that Trump is planning to delay a decision on imposing tariffs on cards and parts by up to six months.

The safe haven yellow metal, therefore, created a Doji candle, aborting the bullish view put forward by the descending channel breakout on Monday.

A close today below $1,293 (Wednesday’s low) would validate bullish exhaustion/indecision signaled by the doji candle and open the doors to $1,282-$1,280.

A close above $1,30.90 (Wednesday’s high) would invalidate the doji candle, although a movie above $1,303.40 (Tuesday’s high) is needed to revive the bullish view.

Daily chart

Trend: Bullish above $1,303.4

Pivot points

1. R3 1309.12
2. R2 1305.02
3. R1 1301.3
PP 1297.2
1. S1 1293.47
2. S2 1289.37
3. S3 1285.65

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD recedes to daily lows near 1.1770

EUR/USD is losing some momentun, easing to daily troughs around 1.1770 on turnaround Tuesday. The pair’s pullback comes amid solid gains in the US Dollar, all amid lingering uncertainty around US tariffs ahead of comments from Fed officials.

GBP/USD stays defensive below 1.3500 as USD firms up

GBP/USD stays on the back foot below 1.3500 in the European trading hours on Tuesday. The pair declines as the US Dollar rebounds from losses recorded over the previous two sessions. Traders will focus on the US weekly ADP Employment Change and Consumer Confidence data due later in the day, along with speeches from Federal Reserve officials.

Gold retreats below $5,200 on renewed USD strength

Gold stages a deep correction following Monday's rally and trades below $5,200. Following the previous day's knee-jerk fall in reaction to US President Donald Trump's new global tariffs and the subsequent bounce, the US Dollar gathers strength and weighs on XAU/USD ahead of Fed policymakers' speeches.

Crypto Today: Bitcoin, Ethereum, XRP come under renewed pressure amid ETF outflows, tariff uncertainty

Bitcoin, Ethereum and Ripple are trading under increasing selling pressure at the time of writing on Tuesday, as market participants navigate renewed tariff uncertainty. The Crypto King holds above $63,000, down 2% intraday from its $64,656 open.

AI-scare trade and tariff uncertainty takes hold

It was quite a day, with AI-disruption fears and tariff uncertainty triggering a risk-off session. By now, it's nearly impossible to have missed the Supreme Court's 6-3 decision that struck down US President Donald Trump's reciprocal tariffs last Friday.

Dogecoin, Shiba Inu, and Pepe extend losses on bearish signals

Meme coins are facing renewed selling pressure amid fading broad risk-on sentiment so far this week, with Dogecoin, Shiba Inu, and Pepe extending their losses after recent corrections.