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Gold is probably experiencing some safe haven bids amid rout in equity market, however that is unlikely to push gold higher amid commodity rout and expectation of rapid slowdown in China.
Though gold shines at a time when equities are dropping, this time around retail customers who are losing big in China unlikely to invest in gold for return. Gold will only register traditional buying in China, might even face some liquidation to finance margin debt.
Massive slowdown in world's largest consumer of gold is likely to weigh on prices.
Trade idea -
- Gold is likely to drop to wards $1100. One can go short at current price around $1160/troy ounce, however averaging it at resistances will improve the risk reward.
- Resistance lies at $1173, $1190. Stop loss for the trade is at $1205.
- Risk reward at current price is around 2:3.
