Gold market update - buy on 4H - entry at 1278 $

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Fundamental analysis
With a Chinese purchasing managers index of only 50. 1 points, the indicator is only slightly above the threshold that indicates economic growth. The next round of trade talks between China and the USA as well as the Fed meeting of the US Federal Reserve will provide additional tension. Their results will be released today and could impact both the Dollar and U. S. yields. Ten-year US yields have fallen noticeably since mid-April, helping the gold market to stabilize.

Technical analysis
- Market supported by 50 day moving average and found resistance at 100 day moving average.
- Expect another test of triangle support line as drawn in the chart.
- Open long if two 4 hour candles close above this line.
- Open short if triangle trend line breaks down and market close with 4 hour candle under it.
- RSI is near resistance line and have to break this for further market up movement
Jul 31
Trade closed: target reached

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