The technical damage has already been done-Read important report

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Please, Note-It's been around 3 months since we published our macro research report, The research report is very crucial for you to analyze, It not only helps us forecasting Gold and silver prices but it also helps in providing the broader view of the U.S economic conditions and equity market. The next report could be lengthy in which we'll discuss the points in detail.

As we are writing this report gold is trading at $1465 per ounce however the white metal is hanging around $17 per ounce. In midday trading, Thursday we have seen Gold and silver prices plummeted to three-month lows. The U.S stock indices are making a significant surge and made record highs again today. Many analysts believe that $1450 could play strong support for the yellow metal and could even initiate the fresh buying however it seems that the technical damage within the precious metal sector has already been inflicted. The optimism of Traders and investors keeps on growing towards risky assets as the positive news from the U.S-China trade front remains very upbeat. Today's report from china was crucial as a report suggested that both countries have agreed to remove there tariffs, The report also said that tariffs would be eliminated once the “Phase 1” partial trade deal is signed. We haven't heard confirmation from the U.S administration on this however it seems both countries will finally make a trade deal.we have also witnessed the strong Chinese yuan against the DXY on the trade deal news.

Previous report still valid-

Our view: Our bias towards the precious metals complex remains to be bearish as we are not witnessing any near term catalyst which will support the prices in a significant manner. On a technical front we have already informed you that our strong bearish bias will be intact within the precious metal sector until unless The yellow metal breaks above $1525 however it seems it won’t manifest any time soon, we understand the role of technical analysis however we are also aware it’s a small part of the bigger puzzle when you are dealing within the sector. we believe that macro research is crucial if one’s trying to forecast the gold and silver prices. we believe that gold is unlikely to make any significant moves unless there is a big geopolitical spark. Gold could move sideways around $1500 for few days however we are anticipating a major breakdown once the boring sideways action gets over. even though we have seen surge in gold prices following Fed hawkish rate cut and all-time highs in the U.S stock indices, we believe going forward it’ll be difficult for gold to make a significant surge in prices from the level it’s currently trading at due to less dovish tone of the fed(lesser likelihood of rate cuts), Macro research aspect, Strong U.S. dollar, and U.S. stock indices and positive development on the U.S-China trade war.

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