- 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|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.