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By: Ahura Chalki
Bulls and last week of the decade!
It is not just a year going to renew, we are entering in the new decade, and yellow metal in the last days of this decade trying to print the biggest yearly gain, after its second year of this decade. Concerns over the US-China trade deal still keeps the Gold buyout. Despite many positive words and comments, delays in signing still increase the risk appetite.
The USD-Index downtrend also is another reason for traders, which they mention for their Gold’s buy positions. While gold is trying to keep its positive mode for the sixth week in a raw that Stock markets also doing great and most of them in Asia, Europe, and the US and printing new record highs. By the time of writing, Hang Seng gaining 0.5% and Shanghai 1.05%, while Nikkei 225 losing by -0.67%. USD-Index printing red candles, confirming the -0.13% lose and USD / JPY breached the Key support of 109.200 and now trading under 109.130, with red candles. What we can see in the market, mostly supporting the bulls.
Gold Technical Analysis:
While technical indicators supporting the bulls, the market volume is decreasing. Lack of liquidity also here is supporting the bulls. RSI moves above 72, supporting the stochastic positive mode to go forward. EMA crossing strategy supports the bulls and Parabolic SAR’s dots clearly forming way under the candles. Gold is trading few points under key level of $1515 which breathing of this level with confirmation of $1519, can push the bulls forward to test $1524 and $134. On the flip side, return under $1505 and confirmation with $1497, will bring the bears back into the game.
Pivot point: 1511.00
Resistance levels: 1514.70 / 1519.00
Support levels: 1506.68 / 1502.98
Today, the expected trading range is between 1502.98 support and 1519.00 resistance.
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