Gold up to $1500? Trade war seems to think so...

Gold was recently looking really bearish as trade news started to flush out of the US that did not look to good for the remainder of the year and the schedule they had planned. A double bottom formed on Gold at $1447-1450 where price rallied and nearly hit $1490 on its way up. The idea here is that there is strong resistance at $1485-1490 based on the low volume node from the year to date volume profile and the previous structure support that is going to act as resistance this time through. Should that level break we can see a move into the year to date POC and ultimately the $1500, the $1490 area will act as support on the retrace lower as well. This upside can be further opened on gold if the trade talks continue to deteriorate over the next few weeks and it puts downside pressure on the US equity markets. If this area holds resistance and there are intraday rotations at the level then we could see another move down to $1445-1450.


Disclaimer: This idea is for educational purposes only, this does not constitute as investment or trading advice. TRADEPRO Academy is not responsible for any market activity.