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By: Ahura Chalki
Everything is about Trade Talk!
The Gold price these days is directly affected by Trade Talks news. While USD losing the rate following the weaker economic data, Gold slides as well, on positive chatter from Trade Talks, especially after Washington Post report about white House announcement that “Trump will meet with top Chinese official as trade talks reach critical stage”. After all this news, now the market is highly expecting at least a partial trade deal, which will be announced in Trump and China’s Vice Premier Lie He meeting at 18:45 GMT. However, as Bloomberg reported on Thursday that the US is planning to enter into a currency pact with China that could pave the way for a broader deal. Now Gold price steady under $1500 key psychological level, but still above $1492, the next key support. Meanwhile, the US CPI realized much less than expected, which will add bids on another rate cut in the next FOMC meeting by end of October.
Technically next Fibonacci level, 50% sits at $1478.85 and can expect that while it is trading under 38.2%, at 1497. The current Gold price is under $1495, while candles by moving under EMA200, 50 & 20, trading between Middle and lower bands of BB as well. RSI also at 44-level, supporting the bears, at H4 chart.
Pivot point: 1498.88
Resistance levels: 1506.78 / 1524.90
Support level: 1480.78 / 1472.88
Today the expected trading range is between 1472.78 support and 1506.78 resistance.
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