FxWirePro: Gold trades higher on US-China trade tension, good to buy on dips
Источник: FxWire Pro - Technicals / 29 май 2020 02:03:11 America/New_York
Ichimoku Analysis (Daily chart)
Gold is trading well over $1700 due to renewed trade tensions between the US and China. The demand for Safe-haven increased as China imposed a security bill against Hong Kong yesterday. The yellow metal hits high of $1727 and is currently trading around 1720.
US Durable goods orders came at slightly better than the estimate at -17.2% in Apr. The number of people filed for unemployment claims rose to 2123K in a previous week vs estimate 2100K.
US Dollar Index – Bearish (positive for Gold)
S&P500- Neutral (Neutral for gold)
US Bond yield- Weak (positive for gold)
The yellow metal is trading in the range between $1765 and $1671 in this month. The near-term support is around $1690, violation below will drag it down till $1680/$1671.
The immediate resistance is around $1726, any indicative break beyond targets $1740/$1755/$1765. Significant trend continuation can be seen only if it surges past $1765, a jump till $1800 likely.
It is good to buy on dips around $1690-92 SL around $1670 for the TP at $1762.© FxWire Pro 2020. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.