Tuesday, May 28, 2019

GOLD - 28 May 2019


Fundamental Highlights

Gold prices were down by 0.1% at the end of the day during yesterday's session despite intensifying trade tension between the US and China. Prices have been lackluster on Monday as the absence of the US and the UK traders from markets dimmed reaction to the EU Parliament results. However, the greenback was on a recovery mode as the the rise of eurosceptic parties and victory of the Brexit party weakened the Euro and the Pound. It should also be noted that the absence of negative statements from the US President Donald Trump’s Japan visit took over the news conveying Trump’s likeliness of having no trade deal with China.

Technical Analysis

Gold prices retreated a bit during yesterday's session amid a slight divergence between the price and the momentum before regaining some strength this morning. The price rebounded from the $1282 support area and is currently trading just below the $1284 level. The momentum is picking up again and the rout to the $1300 level seems to be more probable.

Support: 1285.35.19 / 1282.19
Resistance: 1288.35 / 1291.35

Chart (H4)