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By: Ahura Chalki
Do Bulls actually see red?
The US political tensions, as well as Mr. Trump’s attack on Iran and China, yesterday in his speech at the General Assembly of the United Nations, brought the fears back into the market. Stocks mostly at the red as investors started thinking twice before any new agreement. Besides all of them, yesterday the US consumer confidence realized at 125.1 much less than 134.1, the market expectation. Consumer confidence is a very important index since it is very effective at other indexes as well, like GDP and CPI and PPI. However, today still there is a chance with new home sale data to soft the pessimism, came after yesterday’s economic data.
Technical indicators, especially at the wider charts, totally supporting the bulls. At the daily chart last 4 days in a row, Gold was on the positive side, while weekly chart remains the Gold at the second week in a row backed to the bullish after three-week fall. Back to the H4 chart things are a bit different, Gold is falling back and currently trading around $1528, after could check the 3 very important resistance levels at $1524, $1530 and $1535, however, still $1517 is the key level and trading above this level, is the bullish confirmation, unless if Gold can break this level down. RSI in line with EMA crossing strategy remains of more bullish coming, while Stochastic has some sorts of correction sign at this level.
Pivot point: 1528.47
Resistance levels: 1541.44 / 1548.58
Support levels: 1521.33 / 1508.36
The expected trading range for today is between 1508.36 support and 1541.44 resistance levels.
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