Gold: the calm before the storm before new yearly highs?
The overall picture in Gold hasn't significantly changed over the last days – and will most likely not be changing in the coming days before the Fed rate decision and Non-Farm Payrolls next week.
The most likely reason for the calm price action is that Gold traders are probably not buying into the latest US-Chinese truce, probably due to China saying that it wants the US to remove tariffs so they can reach 50 USD billion in imports of US farm goods, leaving elevated chances that US president Trump will probably react with a new wave of aggressive tweets, throw the latest approaches overboard, and impose a new wave of tariffs instead, resulting in a rising risk-off mode.
With such thoughts in mind, the stabilisation slightly below 1,500 USD can be seriously considered as a warning sign in our opinion. It also leaves, from a technical perspective, the advantage in Gold on the Long side and our mid-term target around 1,650/700 USD staying active.
And even a stint below the current October lows around 1,460 USD wouldn't darken the picture, but instead, brings a potential mid-term long trigger around 1,440/450 USD into play.
Ready to take your trading to the next level? Find out how in Admiral Markets’ new webinar series Trading Spotlight, where our trading experts will be discussing risk management, trading psychology, and their top strategies for trading the world’s most popular markets - admiralmarkets.com/education/webinars/trading-spotlight-1
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The most likely reason for the calm price action is that Gold traders are probably not buying into the latest US-Chinese truce, probably due to China saying that it wants the US to remove tariffs so they can reach 50 USD billion in imports of US farm goods, leaving elevated chances that US president Trump will probably react with a new wave of aggressive tweets, throw the latest approaches overboard, and impose a new wave of tariffs instead, resulting in a rising risk-off mode.
With such thoughts in mind, the stabilisation slightly below 1,500 USD can be seriously considered as a warning sign in our opinion. It also leaves, from a technical perspective, the advantage in Gold on the Long side and our mid-term target around 1,650/700 USD staying active.
And even a stint below the current October lows around 1,460 USD wouldn't darken the picture, but instead, brings a potential mid-term long trigger around 1,440/450 USD into play.
Ready to take your trading to the next level? Find out how in Admiral Markets’ new webinar series Trading Spotlight, where our trading experts will be discussing risk management, trading psychology, and their top strategies for trading the world’s most popular markets - admiralmarkets.com/education/webinars/trading-spotlight-1
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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