The gold price reversed its earlier upward trend as it was reported that U.S. President Donald Trump signed a potential trade agreement with the UK, which dampened market sentiment. Meanwhile, investors are awaiting the outcome of the Sino-U.S. trade negotiations this weekend. In terms of trade agreements, any cooling of the trade war and reduction of uncertainties are bearish for gold. If the U.S. and the UK announce a trade agreement, it will be beneficial for the overall global economy. Technically, gold is currently still in a wide-range oscillation within the interval of 3,500 - 3,201. The short-term support is near 3,318 dollars, which is the 0.5 Fibonacci retracement level of the 3,201 - 3,435 band. This is a crucial support level for the bulls. As long as this level holds, the bullish sentiment with a focus on buying at lower levels for gold remains unchanged.
Trading Strategy:
sell@3355-3360
TP:3310-3320
you are currently struggling with losses, or are unsure which of the numerous trading strategies to follow, at this moment, you can choose to observe the operations within our channel.
Trading Strategy:
sell@3355-3360
TP:3310-3320
you are currently struggling with losses, or are unsure which of the numerous trading strategies to follow, at this moment, you can choose to observe the operations within our channel.
Note
Go long on gold in batches near 3285 - 3290 during the pullback. Set the stop - loss at 10 points. The target is near 3310 - 3330. If the resistance is broken, look towards 3350.
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You❗️CAN and ❗️SHOULD make money in trading!
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"The Golden Key to Financial Freedom"
t.me/+jqmDDXFtAyNhMjZk
Join me, I'll guide you to PROFITABLE TRADING💵!
t.me/+jqmDDXFtAyNhMjZk
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"The Golden Key to Financial Freedom"
t.me/+jqmDDXFtAyNhMjZk
Join me, I'll guide you to PROFITABLE TRADING💵!
t.me/+jqmDDXFtAyNhMjZk
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.