Monday, September 17, 2018

GOLD - 18 September 2018


Fundamental Highlights

Gold has been heading higher on Dollar weakness and made a high of $1204.80, rallying from $1192.77 after some circulating reports convincing investors that Trump will go easy on the tariffs. However, Trump's decision to impose $200 billion in new tariffs against Chinese imports on September 24 may be the trigger to a short term rally for the greenback as we await the Chinese response.

Technical Analysis

Gold is still trading sideways capped between the $1210 and $1191 levels. Currently, the price is biased to move to the downside as we will be focusing on the $1191.5 support level.

Support: 1198.6 1197.75
Resistance: 1207.8 1214.15

Chart (H1)