MCX Gold Looks Like Descending Hawk Pattern, We See Big Move Here 500—800 Point
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Gold failed to capitalize on its early uptick to $1424 area and refreshed session lows in the last hour, albeit remained well within a near three-day-old trading range.
Gold custom duty increase 10% to 12.5%..
Safe havens shined brightly Tuesday “as global slowdown worries are growing,” said Edward Moya, senior market analyst at Oanda.”The initial trade truce risk-on rally is over, and markets have little to show in hopes of a trade deal getting finalized anytime soon.”
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.
The long road to have a trade deal with the US, statements like Mexico and China can be partners against US pressure are likely showing Chinese media’s lack of appreciation to the recent trade truce.