Gold: January 16 review
Gold prices traded up trend after the phase 1 trade deal off between world’s two leading economies, US and China.
In Washington, which includes dozens of American and Chinese business people and US president Donald Trump and Chinese vice premier Liu He signed phase 1 traded deal end. And the uncertainty of the phase 2 trade deal will remain secret and though when those talks will begin and how long they will take remains uncertain.
The Dollar Index, prices unchanged and traded $96.850 range, down -0.09% at early US hours against all baskets of major currencies.
After 18 months trade dispute between US-Sino trade war, world stocks index made a record high on Wednesday and Wall Street closed at highest peak yesterday. Global equities rose again today also but the gains were limited.
As a safe haven currencies like UJ and Swiss franc also traded positive zone yesterday. And BOJ is expected to keep its monetary policy steady in next week’s due to positive sign of trade deal and resume at Middle East tensions.
By 07.30 AM ET, Gold futures, February contract traded $1557.95 range, up +0.14%.
Newly elected, ECB president Chistine Legarde’s mainden speech today also given positive sign for EURO.
Palladium prices reached record high $2196.20 range today and rising more than 57% at 2019’s best commodities prices.
Expectation of profit booking in precious metals today.
Before US open, Intraday and weekly strategy for Gold is given below.
Entry point – $1558.00- $1560.00 range
And keep R1 $1570.90
And wait S1 $1544.00
And wait S2 $1541.50
And wait S3 $1535.00