Gold prices rebounded after falling in the Asian session, consolidating the drop triggered by the intensifying trade war between the US and China. Donald Trump's comments about rejecting deals with China have heightened recession fears, raising the likelihood of a Fed rate cut.
Against this backdrop, there was increased interest in gold as a protective asset, despite the rise in the dollar and bond yields. However, further strengthening of gold is questionable due to profit taking and lack of new economic data from the US.
Technically, the price is consolidating under pressure against the support at 3017-3013. A descending triangle is forming on the local timeframe.
Resistance levels: 3033, 3057
Support levels: 3017, 3013, 2981
Based on the current situation and strong pressure on the market, we can expect two situations to develop:
1) breakdown of support 3017 - 3013, if the structure of the descending triangle on the local timeframe will be preserved. The target will be the support of 3000, 2981.
2) Or, the price will close inside the range with the target of consolidation between 3057 - 3033 - 3013 (consolidation of forces after a strong fall and liquidation)
Regards RLinda!
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🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.