On Wednesday, the yellow metal gold trades bullish, recovering some losses following an almost 2% drop in the previous session. The demand for safe-haven gold seems to pick up again as the bullish rally in stock market delayed, and the result of U.S.-China trade discussions seemed doubtful once more.
Gold prices soared 0.1% to $1,485.07 per ounce, and bullish bias seems pretty solid today. Considering the U.S. -China trade war, the market is still experiencing uncertainty, and we still don’t comprehend if there is a deal yet.
Besides, the global stock markets are trading neutral following a three-day bullish trend as traders extended to see incoming economic figures and awaited new improvements from U.S.-China trade discussions. Consequently, we may see investors taking their funds out from the stock markets and putting it in the safe-haven assets such as gold.
Gold – XAU/USD – Daily Technical Levels
Support Resistance
1472.82 1501.14
1461.98 1518.62
1433.66 1546.93
Pivot Point 1490.3
Technically, the precious metal gold has formed a Doji /test bar on the 4-hour timeframe, which is suggesting chances of a bullish reversal in gold. The MACD and RSI have started to come out of the oversold zone, and now it’s suggesting chances of a bullish reversal in the market. Continuation of a bullish trend may extend further buy until 1,492 today. Consider taking buying positions above 1,482 and selling positions below 1,492 level. All the best!
