Gold fired after our buy signal yesterday. Gold technical analysis
Comex gold fired after our buy signal from 1498$. Our xauusd signal was in buy from 1498 for target of 1509$. We booked profit at 1507$. Disappointing numbers from US & weak dollar index fueled gold price yesterday. Dow Jones Index also participated after disappointing numbers from US. We also had Wallstreet sell signal from 26460 for target of 26330.
Dow Jones is in good pressure since last week despite good Unemployment rate. DJIA Index also dropped last week and came under pressure. Despite good unemployment rate we had disappointing non far payroll numbers. I always rate non farm payroll numbers best indicators to gauge US economy.
Fed chairman stated in that we might not see any further rate cut this year in his last press conference which he conducted after rate cut. If we dont see any rate cut then FOMC must be confident about US economy in next quarter. We just need to see if fed stays on their words. Last time they cut interest despite saying they wont cut interest rate any more.
US, China talks on trade deal is still in progress and we dont see any major update. We might not see any major deal as far as Trump is concerned. He might not give China any upper hand & Xi Jinping also seems not in mode to bow down to american president. We just need to wait for official confirmation regarding trade deal between Washington & Beijing.
Currently gold is trading at 1507$. Good support in xauusd chart stands 1498$. If trader breaks and sustain below 1498$. Then expect good pressure in gold till 1490$- 1480$.
Good resistance in gold chart stands at 1511$. If trader break and sustain above 1511$. Then expect good rise in gold till 1518$- 1526$.
Conclusion: Comex gold trend is positive for now. Do not sell till our support is sustaining.
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