Gold is stabilizing a bit on the back of better market sentiment towards a US-China trade deal. The market remains speculatively bid on dips on the thought that China might not be that optimistic on a trade deal.
US 10-year bond yields slipped below 1.80% overnight, improving gold market sentiment as does uncertainty around possibly China repercussions from the Hong Kong bill passing through the US senate.
Now the price is trading between support near the 50-day SMA at 1464 and the 100-day SMA at 1480 on H4 chart. The fast Stochastic generated a crossover buy signal on daily time frame. At this point, it looks as if gold has found a bit about bottom for the short-term, and that we should see buyers continue to step in on dips.
The first resistance upside ahead the gold is 1480 area. There are located 100-days SMA and 50% Fibo retracement on the last decline from $1516 to $1455 on 4-hour chart. If we see a clear break there, then the $1500 level comes in the focus which of course is a large, round, psychologically significant figure. This is our near-term target.
On downside, if the pair make a clear break bellow 50-day SMA, the next target of the bears will be 78.6% Fibo, followed by $1456.45 (Monday's low).
US 10-year bond yields slipped below 1.80% overnight, improving gold market sentiment as does uncertainty around possibly China repercussions from the Hong Kong bill passing through the US senate.
Now the price is trading between support near the 50-day SMA at 1464 and the 100-day SMA at 1480 on H4 chart. The fast Stochastic generated a crossover buy signal on daily time frame. At this point, it looks as if gold has found a bit about bottom for the short-term, and that we should see buyers continue to step in on dips.
The first resistance upside ahead the gold is 1480 area. There are located 100-days SMA and 50% Fibo retracement on the last decline from $1516 to $1455 on 4-hour chart. If we see a clear break there, then the $1500 level comes in the focus which of course is a large, round, psychologically significant figure. This is our near-term target.
On downside, if the pair make a clear break bellow 50-day SMA, the next target of the bears will be 78.6% Fibo, followed by $1456.45 (Monday's low).
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