Wednesday, October 9, 2019

GOLD

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Fundamental Highlights

Gold prices climbed once again above the $1500 level but failed to stay above it as investors continue buying the US Dollar. Investors are flocking to the greenback as they look for value amidst all the uncertainty starting with the Brexit saga, to Middle East tensions and trade wars between the US and China. Prices were supported by doubts over the US and Chinese trade negotiation delegation being able to resolve anything particularly significant this week.

Technical Analysis

Gold prices took some bid during yesterday’s session and continue to do so this morning as they climbed above the $1500 handle. However, the gains were limited as the price could not settle above the $1506 resistance level. The price is currently trading around the stubborn level with a bullish momentum and seems that it is just only a matter of time before it brakes above it. We will be focusing on the upside with the $1534.15 resistance level on our watch.

Support: 1506.02/ 1494.87
Resistance: 1515.75/ 1524.15

Chart (H4)
XAUUSD