Wednesday, May 29, 2019

GOLD - 29 May 2019

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Fundamental Highlights

The US Dollar rose this week amid the latest news on the trade war, but the safe-haven gold was not able to benefit from the escalating tension between the two largest economies as the price erased most of the gains during yesterday's session. However, comments indicating higher tariffs on Chinese goods by the US President Donald Trump initially triggered risk-off sentiment around late-Tuesday, and Gold prices were seen rising again as they are taking bids above the $1280 mark. The mood stretched overnight after Chinese daily points the dragon nation’s ability to fight against the US with its rare earth metal stocks, the same was also suggested by various lawmakers from the world’s second-largest economy. Investors may now keep their eyes on the US-China headlines as fewer data are up for release on the economic calendar.

Technical Analysis

After retreating below the $1280 level during yesterday's session, Gold prices are on the rise again after regaining momentum during today's early session. The price is currently stretching its gains towards the $1283.5 level as bulls seems to be regaining power over the traction. We will keep focusing on the upside with the $1288.35 resistance level on our watch.

Support: 1282.19 / 1280.11
Resistance: 1285.35 / 1288.35

Chart (H4)

GOLD