This post is also available in: فارسی (Persian)
By: Ahura Chalki
Gold slips as Trade Deal become real!
As we are getting closer to Wednesday, January 15, gold takes more distance from its 7 years high of $1,611 reached last week, by raising the tension between Iran and the US. At the same time in the last days again the stock market started printing new records highs. Dow Jones for the very first time tested above 29K, Japan’s Nikkei index adding 171 points or 0.80% and trying to pass 24K level. Earlier economic data from China and Japan also could help the trade confidence as generally, it looks improvement in both sides of imports and exports. Today the US CPI data also will be in focus, while investors still following the Trade deal news, as well.
Gold technical analysis:
In the H4 chart, Price returned under EMA-50 and 20, while EMA-200 at $1511 is a strong support level. RSI moves under 35, market volumes getting lower and Stochastic also has a negative sign. Parabolic SAR and EMA crossing strategies also are in bearish mode.
Pivot point: 1550.87
Resistance levels: 1555.25 / 1565.91
Support levels: 1540.20 / 1535.81
Today, the expected trading range is between 1535.81 support and 1555.25 resistance.
Risk Warning: Trading-Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary, seek independent advice.