Thursday, July 4, 2019

GOLD - 04 July 2019

Tags

Fundamental Highlights

With the US markets’ holiday and lack of major data during early-day, Gold prices remain little unchanged during today’s early session. Latest rally at the Wall Street, mainly on the back of expectations favoring further monetary easing, cut short the precious metal’s the safe-haven demand and dragged it back from multi-year high. The latest news surrounding the US-China trade truce, namely the Reuters report of scheduled talk during next week and the US criticizing China’s Huawei, as mentioned by the Bloomberg, failed to offer notable moves. With the US markets staying closed amid the July 4th holiday on Thursday, the pair's action could stay relatively shallow ahead of Friday's critical NFP employment data.

Technical Analysis

Gold prices pulled away from multi-year highs during yesterday’s session after a fail attempt to break above it and consolidated comfortably above the $1400 mark. The price is currently trading just above the $1410.78 support level with a descending momentum. If the near support level is violated to the downside, then we will be focusing on the $1401.62 support level.

Support: 1422.59 / 1410.78
Resistance: 1435.81 / 1441.79

Chart (H4)