BCMel

Third test of 1267 support zone - can AU recover here?

FX:XAUUSD   Gold Spot / U.S. Dollar
Support levels for gold are currently being quoted at Tuesday's low of $1,269.00 and then at $1,267.30. Bearish sentiment is weighing on the market, although that could change with any bearish Wall St sentiment around the US-China trade negotiations.
The Trump administration, despite the noise and threats, does not want a war with Iran. In fact Trump is seeking to set up a new Middle East peace and economic development deal. Trump is trying to force Iran into negotiations.
Gold at this time is not going to the moon on bad news. A stock market and/or dollar pullback will help, nevertheless.

Comments

At 4.25pm Australian Eastern Standard Time the MACD indicator on the four-hour chart was crossing positive and RSI weak but in a bottoming position.
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