By: Ahura Chalki
Gold confused between mixed economic data!
US CPI and initial jobless claims were better than expected, while the market is worry ahead of the release of June trade data from China, especially when Asian shares ease as Trump rekindles Sino-U.S. trade tensions (Reuters). Yesterday Gold lost most of its gain of the day before. Down to $1400 from $1427. Currently, it is trading under key level $1408. As we were expecting, better stock markets will bring cheaper Gold, as assets going back to stock markets from safe-haven Gold! Today Chinese economic data will be in focus as investors need more guarantee to move more assets with hope for a better future in Stock markets.
From the technical side, indicators have mixed signals. In the H1 chart, RSI still moves under 50-level with a more bearish sign, while Candles back above the 200-day moving average. MACD also in its downtrend under 0-level, starting its histograms smaller, while MACD line and Signal line both having a slope upward with the possibility of return into uptrend again.
Pivot point: 1407.67
Resistance levels: 1416.69 / 1435.08
Support levels: 1390.28 / 1382.26
The expected trading range for today is between 1390.28 support and 1416.69 resistance.
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