Will Xauusd reach a new all-time high today?
Trump has postponed the 25% tariffs on Canada and Mexico for another 30 days, bolstering hopes that a full-fledged trade war will be avoided. However, the continuation of high tariffs on China, as well as China's retaliatory steps, point to a bullish prognosis for the safe-haven commodity.
In contrast, the US economic calendar on Wednesday includes ADP Non-Farm Employment Change and ISM Services PMI, which might be a breakout to make a higher ATH or a recovery to accelerate the main trend.
Personal opinion
The RSI 1H from the severe overbought zone above 80 shows a little rebound and signals of retracement to challenge the trend line.
Gold price stays in an uptrend, with a new ATH forecast at 2890 or 2900, depending on ADP Non-Farm Employment Change and ISM Services PMI.
Plan By Nexus Trades Zone
Price Nexus Trades Zone
Sell Gold 2899-2900
SL: 2905: TP: 2895-2890–2885
In contrast, the US economic calendar on Wednesday includes ADP Non-Farm Employment Change and ISM Services PMI, which might be a breakout to make a higher ATH or a recovery to accelerate the main trend.
Personal opinion
The RSI 1H from the severe overbought zone above 80 shows a little rebound and signals of retracement to challenge the trend line.
Gold price stays in an uptrend, with a new ATH forecast at 2890 or 2900, depending on ADP Non-Farm Employment Change and ISM Services PMI.
Plan By Nexus Trades Zone
Price Nexus Trades Zone
Sell Gold 2899-2900
SL: 2905: TP: 2895-2890–2885
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.