Comex Gold opened higher after good recovery from lows last Friday. Last week gold price moved from 1495$ to 1520$. Friday we seen good buying in gold following crash in Dow Jones. Interestingly I had given buy signal in gold at 1503$ which we booked at 1514$. We sold Wall Street as well at 26090 for target of 25970. Both signal closed on target with profits.
Currently China’s trade war uncertainty is only reason to worry. Iran situation already de-escalated despite attack on Saudi refinery. Its good that Trump refrain himself from fighting Saudi’s war. Its good for world peace. However we have new leader in town UK’s PM. He announced UK will participate if US decide to help Saudi after attack on refinery.
Now we have to follow UK’s PM statement too as he seems another Trump in making. Now we just need to wait how talks between Washington & Beijing pans out. There is no official update on how talks are going. Its just we expect talks should conclude by October end.
Trump has postponed additional tariffs till October but eventually October is coming. We just need to see how positive talks are if there is any. Currently market is counting on uncertainty between two major powers to negotiate.
Currently gold is trading at 1515$. Good support in xauusd chart stands at 1505$. Once trader breaks and sustain below 1505$. Then expect good pressure in comex gold till 1498$- 1490$.
Resistance in gold chart stands at 1525$. If trader breaks and sustain above our resistance. Then expect good rise in gold till 1532$- 1540$.
Conclusion: Counting from uncertainty market is in positive zone and even on chart gold is positive. For now trend is positive so avoid major selling in market. Look to buy in dips. Dollar Index also is in weak zone which is providing boost to gold price.
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