During this trading session, Gold has hit $1,500, reaching the $1,510.43 level. The golden metal moves to the highest level since 2013, advancing 17.41% (YTD).
The trade war, recession and the daily structure
The Gold bullish cycle that started on August 15, 2018, could be ending in the middle of an extreme fear triggered by the US-China trade war, and a recession sentiment. The XAUUSD daily chart shows an upper-degree five-wave sequence from $1,160.37 and a lesser-degree five-wave structure that started at $1,266.39.
The touch of the $1,509.55 level makes us see the accomplishment of a minimum requirement for a bullish cycle completion. We expect the exhaustion of the upward sequence to start from the current area. The potential declines can visit the zone between $1,457.55 and $1,416.68.