Home Daily Analysis Charts / Trade Ideas Safe Haven Gold Little Changed – Mixed Chinese Data Weights!

Safe Haven Gold Little Changed – Mixed Chinese Data Weights!

40
0

On Monday, the safe-haven metal prices have little changed due to data showed china’s economic growth slowed to its lowest in at least 27 years.
China’s second-quarter annual GDP growth expectedly dropped to a twenty-seven year low of 6.2 %, but its quarterly growth version came out as 1.6%, beating the forecasts. The reports of June on industrial production, retail sales, and urban investment were high expectations.

A yellow metal gold had inched 0.1% lower to $1,411.29 per ounce, adding some losses ahead of the U.S. session. The market is expecting a surge in gold prices due to Chinese growth data which is the slowest in at least 27 years. Anyway if you look at the larger image, it continues to above the 61.8% Fibo level.

Gold – Symmetric Triangle Pattern

The yellow metal has formed a symmetrical triangle pattern on the hourly timeframe. The symmetric triangle pattern is neutral in nature and can break out in any direction.

The pattern is supporting gold around 1410 along with resistance at 1414. For the moment, gold prices are trading neutral over 1410 support along with 20 and 50 periods EMA supports.



R3: 1439.79
R2: 1425.91
R1: 1420.93
Key Trading Level: 1412.03
S1: 1407.05
S2: 1398.15
S3: 1384.27

What to Expect from Gold Today?

Above 1410, gold can continue to trade bullish until 1411. While a bearish breakout of 1410 can extend sell-off until 1402. All the best!

LEAVE A REPLY

Please enter your comment!
Please enter your name here