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By: Ahura Chalki
Donald Trump to boost tariffs!
Gold moved higher and managed to stay above $1470, the clear reaction of the uncertain situation on trade talks after “U.S. President Donald Trump’s threat to jack up U.S. tariffs on … fail to reach a trade deal could raise the price of cellphones, laptops, and … Trump’s threat was a reference to previously announced 15% tariffs on about $156 billion worth of Chinese-made consumer goods scheduled to take effect on Dec. 15” (Reuters). Generally, trade tensions helped safe havens like Gold, USD, and JPY to raise. For today, all eyes will be on FED, especially now and after that president Trump added more pressures on the FED to cut the rates, in his last speech. The market is waiting to see the reaction of Powell and the FED, will they go ahead and do what Withe House asks, or as Powell mentioned before, the facing economical harnesses, are the trade war reasons and not FED policies.
Technical indicators returned to a positive side, in both H1 and H4 charts. RSI moves above 50-level, Stochastic on the positive side, while EMA crossing strategy also supports bulls. Candles after several times attach on 38.2% level of Fibonacci at $1472.35 (Started from $1518, latest downside move to $1445), finally moving above that. Breathing the 50% of Fibonacci at $1480.63 can be the green light for more bulls up to $1492.
Pivot point: 1471.00
Resistance levels: 1477.29 / 1481.51
Support levels: 1466.73 / 1460.47
Today the expected trading range is between 1466.73 support and 1481.51 resistance.
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