Technical standing
Gold is in strong uptrend since breaking 6 years high in mid-June. Currently gold is in correction phase. On the H4 chart, I marked my support zone from 1480 to 1498. In today`s trading sessions we could see Gold going up too 1524 and immediaetly retracing down to 1498. Now Gold is currently sitting on 1498, top of my support zone which is lined up with trendline as you can see on given example. In further days I will be waiting for a price action signal in my support area to take gold up to 1543-1555 where I marked resistance area. If resistance area will be broken I am expecting to see Gold around 1600.
Fundamental view
Next week we expect a rate cut from FED for quater basis points, which will have a big impact on gold. As things around Brexit standing now Great Britain and EU have no deal, so Great Britain could exit from EU without deal, so I believe this scenario will help push the Gold price up. The last big global event that are correlated whit Gold is US-China Trade war on tariffs. With FED rate cut, so much indecisiveness with Brexit, US-China trade war and upcoming Global economic crisis I believe Gold will continue his uptrend.
Gold is in strong uptrend since breaking 6 years high in mid-June. Currently gold is in correction phase. On the H4 chart, I marked my support zone from 1480 to 1498. In today`s trading sessions we could see Gold going up too 1524 and immediaetly retracing down to 1498. Now Gold is currently sitting on 1498, top of my support zone which is lined up with trendline as you can see on given example. In further days I will be waiting for a price action signal in my support area to take gold up to 1543-1555 where I marked resistance area. If resistance area will be broken I am expecting to see Gold around 1600.
Fundamental view
Next week we expect a rate cut from FED for quater basis points, which will have a big impact on gold. As things around Brexit standing now Great Britain and EU have no deal, so Great Britain could exit from EU without deal, so I believe this scenario will help push the Gold price up. The last big global event that are correlated whit Gold is US-China Trade war on tariffs. With FED rate cut, so much indecisiveness with Brexit, US-China trade war and upcoming Global economic crisis I believe Gold will continue his uptrend.