There was a familiar situation with the gold price as it once again ran into support at the $1340-$1350 mark after rising for 7 straight sessions on the back of US trade tensions with China and Mexico with the later seemingly solved over the weekend which accounts for the pullback in yesterday’s trading session.
US President Donald Trump signaled a deal had been reached with Mexico and the planned tariffs that his administration planned to introduce would not go into effect, at least for now.
Despite the pullback in price, some sy its only a matter a time before gold breaks through the critical resistance level of $1350 and that this scenario has been some time in the making.
“Gold has been toying with the prospects of a breakout repeatedly for the past five years. It keeps approaching this $1,350 plus-minus level, and then backs away” said Carter Worth of Cornerstone Macro
But what’s increasingly encouraging about it is the way we’ve gotten here, which is to say, it’s [repeatedly hitting] a higher low, all which would suggest that the tension ultimately is to be resolved” he added.
It seems some of the Big money also believes that gold is going higher by adding to their long positions in the precious metal over concerns that the US/China trade wars and the ongoing Brexit debarkle among other things are starting to take their toll on the global economy.
“Money managers aggressively added to their gold longs and covered their shorts, as global growth concerns pushed investors to gobble up U.S. Treasuries, driving yields markedly lower, ultimately increasing investors' appetite for bullion diversifiers,” said TD Securities.
“As we expected, CTAs [commodity trading advisers] likely contributed to the increased length as prices broke through key trigger levels and fired off strong upside momentum signals.” They added.
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