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By: Ahura Chalki
Green Stocks and Red Gold!
With continuing the green candles in the stock markets, the yellow metal kept falling down, since the USD also gaining back its loses of the past week. DXY returned back above $97, from $95.98, the last trading day of 2019. At the same time, stock markets all over the globe also doing well and printing new high records. Also, the latest update from the trade deal was from the US, where “in an interview with Ohio TV station early Friday, US President Trump said that the China trade deal will be signed on Jan 15.” (FxStreet). It seems the news is not in the favor of Gold and pushing that lower.
Gold technical analysis:
$1557 still is the key level, were trading under this level can send the price lower up to key supports at $1534, $1521 and $1517, while breathing the $1557 level, will return the bulls back into the game for next try of $1600. However, the H4 chart, technical indicators mostly remain of more bearish. RSI moves at 44, Stochastic confirms more bears and Parabolic SAR has its dots way above candles.
Pivot point: 1551.41
Resistance levels: 1562.75 / 1572.61
Support levels: 1541.55 / 1530.21
Today, the expected trading range is between 1541.55 support and 1562.75 resistance.
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