Gold analysis – 24 May 2019

Safe Haven or bouncing from weak USD?

By: Ahura Chalki

U.S. Futures Slump as Trade War Impact Spreads to Europe. Manufacturing PMI, Service PMI, and New Home sell, all were much less than market expectation. USD Index felt down to $97.63 from up $98.23 and it was enough to push the gold up to $1287.23, yesterday high. Stock markets were so mixed and fear took all over them as investors have the fear of trade future with the US. So two reason here can push the price higher or at the same time with solving those risks, this reward can be taken from Gold, weak USD, and insecurity in the financial market which will push the investors to take their money off and save it somewhere (Why not Gold) until stability returns to markets. Today movement mostly will be a more clear reaction to the past 24 hours of news and fears.

From the technical side, RSI getting a bearish signal after the overbought area, down to 60-level with a slope down movement. Parabolic SAR also puts its dots over the candles and after last night high, it’s signal now confirming the bearish movement.

Pivot point: 1281.40

Resistance levels: 1290.57 / 1296.40

Support levels: 1275.57 / 1266.40

The expected trading range for today is between 1275.57 support and 1296.40 resistance.

Note: The analyses here are just an Idea and no investment consulting. Invest in the Financial market has a high level of risk. In case if you are looking for a personal investment consultant, can contact us.

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