July 16, 2019 | SQUARED DIRECT – With the few fresh catalysts dominating market sentiment, Gold trades in a tight range during today’s early session. The yellow metal’s price is little unchanged since yesterday’s session as lack of major news/data joined upbeat outcome of the US NY Empire State Manufacturing Index.
The US and China remain at loggerheads despite on their way to discussing the much-awaited trade deal. Having witnessed China’s Gross Domestic Product declining to the multi-year low, the US President Donald Trump boasted the US dominance over the trade talks which the Chinese media criticized afterward.
Elsewhere, Iran continues exerting pressure on the US to remove harsh sanctions before expecting any discussions while the UK disliked Iranian militants’ efforts to seize their oil tanker in the Persian Gulf. Furthermore, global policymakers continue holding their bearish bias with the US Federal Reserve being in the spotlight. In addition to trade and political headlines, today’s US Retail Sales and the Chair Jerome Powell’s speech will be the key for the precious metal traders.
Gold price technical analysis
Gold headed north during Friday’s session as the price consolidated well above the $1400 level after re-finding the right bullish momentum. The price is still trading above the $1410.78 support level since yesterday as it constantly providing the right support. The momentum is slowing down a bit but we will keep on focusing to the upside, especially the $1422.81 resistance level.
Support: 1410.78 / 1401.62
Resistance: 1422.59 / 1435.81
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