Gold Attracts Bulls – Safe Haven Appeal Triggers Over Trump’s Remarks
The safe haven metal prices consolidate in a narrow range as the market widely ignored the fresh brutality in Hong Kong and the uncertainty surrounding the United States and China trade talks. Political disturbance remains ongoing in Hong Kong after police shots killed two protestors during the morning commute, whereas services on some train and subway lines were disturbed.
Protestors are angry about what they described as police brutality and interference by China in Hong Kong. At the United States and China trade front, the US President Donald Trump said talks with China are going very well, and that China was more eager for a deal than the US.
However, the President described recent reports regarding how the US was set to remove tariffs on Chinese goods as “incorrect.”
On the other hand, the Asian stock markets flashed red today after these headlines. The safe-haven gold, which usually moves in the opposite direction to risky assets, was not able to support over the weak sentiment. The United States and China trade war and the Hong Kong protest are the most significant reason behind the weak Asian stocks today.
GOLD – XAU/USD – Forex Trading Signal
On Monday, gold opens in a bullish tone forming a strong bullish candle on the 4-hour chart. US President Trump exhibited no willingness towards rolling back previously applied tariffs on China, which is bringing the safe-haven appeal back.
Daily Support and Resistance
S3 1429.29
S2 1446.03
S1 1452.53
Pivot Point 1462.77
R1 1469.27
R2 1479.51
R3 1496.25
For now, gold is facing immediate resistance at 1,464, and the bullish breakout of this level can lead to gold prices towards 1,468 and 1,472. Whereas, gold can continue to trade bearish under 1,463/4 level to target 1,458.
Good luck!
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