Gold
Gold p rice rise from 1278$ to 1287$ after uncertainty in world market. As discussed in last gold report president Trump decision to impose 25% additional tariff on chinese goods worth $200 billion may start trade war once again. We will have to wait till Friday how market reacts when tariff kicks in. Due to uncertain retaliation from China gold price is rising since yesterday.
Tomorrow we have Fed chairman Powell speech and he may give insights about fed view on US economy. We may see some statement regarding rate hikes or their stance on US growth. We need to wait and see how thing speech unfolds tomorrow.
We also have UK GDP numbers this Friday. Its crucial to see how UK performs as Brexit risk is looming and increasing day by day. Stay cautious and do not over trade near GDP numbers announcement.
Currently gold price trading above 1287$. Good resistance in xauusd chart stands at 1292$. If traders break and sustain above 1292$. Then expect good rise in this precious metal till 1299$- 1307$.
Good support in intraday gold chart stands at 1278$. If traders break and sustain below 1278$. Then expect good pressure in xauusd till 1270$- 1262$.
Conclusion: Today we dont have major data so all focus would be on technical levels. Comex gold trend is positive for now so avoid major selling and look to buy in dips. Keep an eye market as we may see some more statement from President Trump or some retaliation measure from China.
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