Friday, March 22, 2019

GOLD - 22 March 2019

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Fundamental Highlights

The Federal Reserve’s reassurance of a steady interest rate policy in 2019 put the US Dollar under pressure and boosted prices of the safe-haven Gold this week. On the other hand, the European Union postponed the Brexit date yesterday until May 22 if UK Prime Minister Theresa May could convince lawmakers to back her withdrawal deal, or April 12 if she could not. Meanwhile, high-level officials from the US and China are set to begin a new round of trade talks next week in Beijing. US officials are aiming to reach a deal with China by the end of April, reports said. Uncertainty surrounding a potential trade deal increased earlier this week after US President Donald Trump said he’ll keep tariffs on China “for a substantial period of time.”

Technical Analysis

Gold prices printed new highs during yesterday's session above the $1320 level but quickly reversed to erase the gains and headed towards the $1300 level. However, Gold seems to be having a strong support from that area and currently the prices are back on the rise, trading just below the $1312 level. The upward move seems to be ready to continue and we will be focusing today on yesterday's highs.

Support: 1310.38 / 1307.09
Resistance: 1314.16 / 1316.78

Chart (H4)
 

 
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