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By: Ahura Chalki
New record high, is that the end?
Gold started the new trading week with a new highest record. Last week Gold, following the FED rate cut, lost the grand up to $1400, however, after Mr. Trump’s tweet about new tariffs, USD Index lost the value up to $97.79, from 27 months high at $98.67, which in the new week opening trade, went deeper to $97.62, even and helped the Gold to print new record. In the week ahead, there is only one important news from the US and it is Non-Manufacturing PMI, which will be realized later today. Therefore for this week, the Chinese reaction to the new tariffs and Geopolitical changes will play the role.
From the technical side, indicators at the H1 and H4 charts, both remain of more bullish. In the H1 chart, price clearly moves above EMA200, while RSI moves at 64-levels, but with a slope down angle. MACD’s histograms are above 0-level, but so small and getting closer to the 0-line, while MACD’s line and Signal line also getting closer to each other. It can be a short term downtrend as the correction or trend reversal if it can break down a $1425 level.
Pivot point: 1439.23
Resistance levels: 1449.63 / 1458.88
Support levels: 1430.68 / 1420.98
The expected trading range for today is between 1420.98 support and 1458.88 resistance.
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