Gold Technically Outlook – Near Term Gold Spot Hurdle Kye is Between $1400—$1403 and any break above that targets key $1410——$1427 level. Major Upside Move only above $1444 level.
Gold Spot Best Way Sell on Rise Between $1395—$1397 level. Stop Loss Key $1403 And Target Price of $1372——$1362. Very Very Soon.
Trump and Xi said the U.S. would maintain current tariffs but hold off on new ones and relax some restrictions for U.S. companies doing business with China technology giant Huawei.
“Gold opened the second half of the year by falling below $1,400 on growing expectations of a breakthrough in the talks on the trade war between U.S. and China,” wrote Carlo Alberto De Casa, chief analyst at brokerage ActivTrades, in daily research note.
“From a technical point of view, gold has fallen below $1,400, testing the area of $1,380, which is now the first key support level to monitor,”
The ease of tariff tensions provides some doubts that the Federal Reserve will dial back benchmark interest rates aggressively when they meet at the end of this month to stave off negative effects from trade wars, which is a boon for risky assets but weigh havens.
Economic data Monday was mostly downbeat, the IHS Markit final U.S. manufacturing PMI reading was at 50.6 in June versus an initial 50.1.
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