FXWIREPRO: GOLD DAILY OUTLOOK
29 August 2019, 08:07
Gold is trading in a narrow range after hitting a 6-year high of $1555. The yellow metal was trading higher in the previous week and jumped more than $50 on US-China trade war escalation and declining US bond yield. The yellow metal hits low of $1525 and shown a minor jump from that level. It is currently trading around $1542.77. Markets eye US Prelim GDP q/q for further direction.
US 10 year bond yield lost more than 13% from a previous week high of 1.66% and hits 3-year low around 1.44%. It is currently trading at 1.478%. The yield curve between US 10 year and 2-year got inverted by 5 bps point highest since 2007.
On the lower side, near term support is around $1525 (Aug 26th, 2019) and any violation below will drag the yellow metal down till $1500/ $1486 (21- day MA)/$1460.The major weakness can be seen only below $1437.
The near term resistance is around $1565 and the indicative break above targets $1580/$1600.
It is good to buy on dips around $1520-25 with SL around $1500 for the TP of $1560.
Edited 29 Aug 2019, 15:06
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.