By: Ahura Chalki
End of the safe haven course?
Gold started the new trading week under $1393, while the G-20 summit’s positive trade talks pulled down the price from $1410, closed price of last week. The US-China positive trade talk was the main reason, which brought the hopes back into stock markets. At least for now until we will have more economic data from the US, as it is NFP week, Gold is losing its role of a safe haven. For today ISM manufacturing data also will be in focus which will effect on USD rate and Gold price, as well.
From the technical side, in the H1 chart, while price moves under SMA-50 period days, indicators remain of more bearish. RSI moves under 50 level, while it does not have any sign of oversold or reversal. Stochastic still has a clear sign of bearish with moving both main and signal lines, downside.
Pivot point: 1413.41
Resistance levels: 1421.27 / 1432.61 / 1440.47
Support levels: 1402.07 / 1394.21 / 1382.87
The expected trading range for today is between 1382.87 support and 1421.27 resistance.
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