Gold Price Fast Approaching Strong Resistance Zone
Hello everyone!
PrimeXBT has scanned the markets and gathered some pertinent information about XAUUSD that we would like to share with you.
Fundamental Analysis / News:
China and the US have reportedly agreed on a ‘phase one’ deal that could mark the beginning of the end of the ongoing trade war. A press conference held by China and tweets from US President Trump confirmed that no additional tariffs will be imposed this Sunday. Additionally, the US has reportedly agreed to halve the tariffs on some products from 15% to 7.5%, according to ING’s note to clients.
Technical Analysis:
As we can observe, XAUUSD is currently inside a large descending channel and is forming a bearish flag pattern. Gold's price is approaching the resistance zone that exists between its MA100 and MA200.
Because of that, it is likely to see some further near-term downside.
Keep an eye out for more PrimeXBT trading signals for XAUUSD and other assets.
We’re wishing you all a great and profitable week of trading!
PrimeXBT has scanned the markets and gathered some pertinent information about XAUUSD that we would like to share with you.
Fundamental Analysis / News:
China and the US have reportedly agreed on a ‘phase one’ deal that could mark the beginning of the end of the ongoing trade war. A press conference held by China and tweets from US President Trump confirmed that no additional tariffs will be imposed this Sunday. Additionally, the US has reportedly agreed to halve the tariffs on some products from 15% to 7.5%, according to ING’s note to clients.
Technical Analysis:
As we can observe, XAUUSD is currently inside a large descending channel and is forming a bearish flag pattern. Gold's price is approaching the resistance zone that exists between its MA100 and MA200.
Because of that, it is likely to see some further near-term downside.
- Day's range: 1473.24 — 1478.81
- Support zone: 1450-1447
XAU/USD Trade Signal
- Sell: 1479-1484
- Take profit: 1434, 1401
- Stop loss: 1504
Keep an eye out for more PrimeXBT trading signals for XAUUSD and other assets.
We’re wishing you all a great and profitable week of trading!
Comment:
Broke the downtrend line