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FxWirePro: Gold declines after hitting 1- week high, market focus US trade war

  • Gold has declined almost $20 from the high of $1340.35 yesterday on slight jump in US dollar after slightly better than expected US ADP employment data. The yellow metal decline will protected due to uncertainty in global market on account of US trade war. This might increase safe haven demand and that will support gold price. US dollar has declined sharply almost 60 pips till 89.41 from temporary high of 90.06 and is trading at 89.58.
     
  • ADP jobs data shows that US economy has added 235K private jobs for the month of Feb compared to forecast of 200k.
     
  • On the lower side, any break below $1320 (55- day EMA) will drag the gold down till $1313/$1309/$1305. Bearish continuation only if it closes below $1299. Any violation below $1299 will drag the gold till $1288 (200- day MA).
     
  • The near term resistance is around $1330 (50- day MA) and any break above will take the yellow metal till ay $1341/$1348/$1355. Overall bullish continuation only above $1366.

It is good to buy on dips around $1325-26 with SL around $1320 for the TP of $1341/$1345             .

 

 

 

 

 

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