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By: Ahura Chalki
Hong Kong made the equations more difficult!
While China’s chief trade negotiator said at a dinner Wednesday night that he was “cautiously optimistic” about reaching a phase one deal with the U.S., even as talks continue to stretch out amid tensions over Hong Kong and other issues (Bloomberg), “SCMP” reported that “The US House of Representatives on Wednesday approved the Senate’s version of legislation that could pave the way for diplomatic action and economic sanctions against Hong Kong, moving the bill to US President Donald Trump”. Things are mixed in trade talk especially after rising the tensions in Hong Kong, Dow down by 0.40% and S&P 500 lost 0.38% while in the Asian markets, Hang Seng dropped 1.60% by now, Shanghai by 0.44% and Nikkei 225 by 0.77%. Besides them, USD index in its slow recovering, today and by now is losing 0.06%, while Yen also in the negative side by 0.08%. All these mixed data helped the Gold price to stay in a very slow uptrend and mostly around $1470, waiting for clearness of mixed situation. For today, any headlines about trade talk and geopolitical changes in Hong Kong and “Iran”, with US economic data such as Initial Jobless claims, manufacturing and housing data will be in the spotlight.
Technical indicators have very mixed-signals, that’s why better to watch at the key levels, resistance and support points. Breathing $1481(50% of Fibo) will be the key level for more bulls while breaching $1461(236. % of Fibo) can support the bears.
Pivot point: 1471.73
Resistance levels: 1477.71 / 1484.73
Support levels: 1464.72 / 1458.74
Today the expected trading range is between 1458.74 support and 1484.73 resistance.
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