Gold analysis – 6 Aug 2019

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By: Ahura Chalki

Highest since May 2013

Weaker USD moved gold to its highest price since May 2013. The US-China trade war moved to the next level to raise the tensions. The US has labeled China a currency manipulator, in a move that brings already tense relations between the two countries to a boil (The Guardian). Seems china choose that as a response to the new US tariffs. With this news and responses, the trade war outlook is not that bright and the market must be ready for new action, which will make safe havens to be asked more.

From the technical levels, in the H1 chart, indicators started showing negative signals. RSI line just riches 50-level with a slope down. MACD’s histograms also forming under 0-level, while MACD line also with cutting down and signal line, changing direction to downtrend.

 

Pivot point: 1458.28

Resistance levels: 1480.29 / 1491.90

Support levels: 1466.67 / 1424.66

The expected trading range for today is between 1424.66 support and 1480.29 resistance.


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