Gold analysis – 20 Sep 2019

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By: Ahura Chalki

Breaking News: Tariffs Could Hit 100%

“Michael Pillsbury, a prominent adviser to President Donald Trump, told the South China Morning Post that Trump would raise tariffs substantially on Chinese imports unless a trade agreement can be quickly negotiated” (investing.com). In the quiet economic calendar day, putting this comment after Saudi’s efforts to manage an Alliance against Iran and Yemen war, clearly raising the tensions in both geopolitical and trade war, between the US and China. Yellow metal reacting these tensions with raising up and trade above its key psychological level of $1500.

Technical Analysis

Technical indicators in the H4 chart clearly returned to the bullish zone after latest failing in the bearish move by testing the $1484. RSI moves at 55-level supporting the bullish signal of EMA crossing strategy, where EMA20, crossed over EMA50 at the psychological level of $1500. At the same time, candles returned moving between Middle and upper lines of BB, while Stochastic also supporting the bullish.

Pivot point: 1497.72

Resistance levels: 1506.55 / 1513.32

Support levels: 1490.95 / 1482.12

The expected trading range for today is between 1490.95 support and 1513.32 resistance.


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