Monday, October 7, 2019

GOLD

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Fundamental Highlights

The yellow metal is relatively flat at the start of this week with both Australia and China out on holidays. The price is back above the psychological $1,500 level and sights are set for higher levels as we head over to trade talk territories. Last Friday, it was all about the US jobs data which disappointed and while the data disappointed on the whole, the unemployment rate hit a cyclical low of 3.5% in September, from 3.7% in August, and is now at a level not seen since December 1969 which was the US Dollar's savior of the day. US and Chinese trade talks are set to start again this week. However, there are already reports that China is not about to renegotiate on any of the demands that have been holding up progress.

Technical Analysis

Gold prices dipped during Friday’s session printing a low of $1495.76 per ounce but quickly erased the losses and it is trading till this morning in a tight range above the $1500 handle. The price is currently hovering around the $1506.02 resistance level with the momentum slightly retreating from the bullish territory. We will be focusing on the upside and we will be focusing on the $1524.15 resistance level.

Support: 1494.87/ 1486.98
Resistance: 1506.02/ 1515.75

Chart (H4)
GOLD