This post is also available in: فارسی (Persian)
By: Ahura Chalki
Risk Appetites & Gold Thermometer!
On the last day of the year, Gold surprised the market once more. When many traders have been waiting for the last day’s profit booking and a bit downside movement in prices, like what happened in the stock markets, Gold’s bulls confirmed that investors and traders are trying to be more cautious amid global economic uncertain situation, while US-Sino trade talks, President impeachment in the US, especially in election year as well as continuing story of Brexit with Boris surprises! It is clear that when politicians postponing their promises to sign the trade deal from November to December, to January and the latest news is about February, investors also have a right to postpone their trust sometimes in the future.
Gold Technical Analysis:
The yellow metal, by testing the $1524, printed fresh three months high. Technical indicators in H1, H4, and daily charts, still supporting the bulls. RSI is above 50, however, still, there is not overbought area, while Stochastic moves above 80 in the uptrend move. Market volume in the past two days got a bit more, but still, it is signaling the lack of trading volume.
$1525 is the key resistance for today, closing above this level, can motivate the bulls for the coming year, and on the flip side, reversal and closing under $1512, will help the bears to show themselves.
Pivot point: 1514.08
Resistance level: 1517.42 / 1519.18 / 1522.00
Support levels: 1512.3 / 1508.98
Today, the expected trading range is between 1512.32 support and 1522.00 resistance.
Risk Warning: Trading-Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary, seek independent advice.