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By: Ahura Chalki
ISM Manufacturing and trade doubts!
Fears are rising in the market as negotiations between the US and China going nowhere, while new trade war coming out with French products and South American metals, still yet, the US is threatening the EU countries for more tariffs, as they are willing to raise the tax for techno companies, like Google, Facebook and Amazon. The day before, the market had really mixed data, German and French manufacturing PMI was better than market expectation, while the US data was negative. US30, US100, and US500 are down by 0.96%, 1.12%, and 0.86% respectively after the US data missing and President Trump comment about more rate cuts and weaker USD. Mentioned news and data helped the Gold to rebound itself yesterday from daily low at $1454 to the daily high of $1465. For today, there is not much news in the economic calendar, which can affect Gold prices, eyes returning back to trade talks.
While in the daily chart, Gold still moves at its downtrend, some technical indicators started positive signals. Parabolic ASR supports the bulls, the same signal that Stochastic has, however, EMA crossing strategy still supports the bears. At this level, technical indicators have not much to say, mostly market reacting to the news and key levels are more important for now. Key resistance ae respectively sitting at $1466, $1471 and $1479, while $1455 and $1448 are key support levels.
Pivot point: 1460.87
Resistance levels: 1467.82 / 1471.98
Support levels: 1456.71 / 1449.76
Today the expected trading range is between 1449.76 support and 1471.98 resistance.
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