Spot gold gained traction last Friday, after U.S. President Donald Trump’s measures against China. Even though he did not pull out from the phase one trade deal with China, there are still a considerable amount of uncertainty over the future relationship between the world’s two biggest nations.

Meanwhile, major U.S. cities from Los Angeles to Philadelphia imposed curfews, amid violent protests after the killing of George Floyd by Minneapolis police. The chaos would be a blow to the fragile economy.

From a technical point of view, spot gold is gathering upside momentum as show on the 1-hour chart. Last Friday, we mention that there were some bullish signs, and finally gold has shown a clear upside breakout from the bearish channel drawn from May 18. Now, the level at $1,722 might be consider as the nearest support, with prices likely to test the 1st and 2nd resistance at $1,754 and $1,765 respectively. Alternatively, losing $1,722 would suggest that the next support at $1,711 might be exposed.

- advertisement -

Previous articleAUD/USD Daily Report
Next articleBTCUSD $9,800 Resistance
DISCLAIMER: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.