GOLD overview analysis, daily time frame.
Gold price has sold off recently but 1300 level and 200 SMA showed very strong support level. As gold tries to break the 38% retracement level, all eyes on the fundamental data. Recent data in US inflation caused a dollar weakness at the end of last weak with DXY pulling back from 93.43 to 92.42 at the time of writing.
This week all eyes on the China trade talks, if consensus once again not found, we could see a rally of gold prices back to 1330.
Overall, gold is still consolidating, signalling that the market is waiting for further development, as the uptrend line still holds, long term sentiment towards gold is bullish.
This is my very first analysis on Trading View, so I would appreciate some feedback, thanks. Happy trading!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.