- Gold is looking to beat resistance at $1,478 amid fading trade optimism.
- A close higher would confirm a double bottom breakout on the daily chart.
A close higher would confirm a double bottom breakout. That would mean the pullback from September highs above $1,555 has ended and the bulls have regained control.
A breakout, if confirmed, would open the doors for $1,508 (target as per the measured move method).
A close above $1,478 looks likely with fading US-China trade optimism. President Trump on Tuesday said that he may delay a trade deal with China till after the 2020 presidential election.
Further, political tensions between the two nations are escalating. The US House of Representatives on Tuesday overwhelmingly passed the Uighur Act, a bill to condemn the Chinese government for its mass internment of Uighur Muslims in Xinjiang.
Trend: Bullish above $1,478
|Today last price||1477.77|
|Today Daily Change||0.57|
|Today Daily Change %||0.04|
|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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