Gold bulls sceptical on the US-Chinese trade deal – $1,500 soon?
Today, our focus will again be on Gold. After the recent developments in the trade dispute between the US and China last Friday and at least partial trade deal between the two biggest economies in the world, the precious metal just closed slightly below 1,500 USD.
The primary potential reason is probably that Gold traders already smelled something fishy in the "deal" which was announced by Trump on Friday, and when on Monday news hit the wire that China wants more talks before signing Trump's phase 1 deal, it became clear that it's only a deal on the surface and tensions between the US and China will likely remain in the near future.
If today's US retail sales data don't show the same solid developments as recent publications indicated, again fueling recession fears, our overall bullish outlook could find a new driver upwards, back above 1,500 USD and eyeing the current yearly highs around 1,555 USD in the days to come again.
And even if Gold does not take on bullish momentum again (probably because US retail sales data significantly beat expectations of 0.3% (MoM)), a stint below the current October lows around 1,460 USD wouldn't darken the picture, but instead, bring a potential mid-term long trigger around 1,440/450 USD into play.
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Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The primary potential reason is probably that Gold traders already smelled something fishy in the "deal" which was announced by Trump on Friday, and when on Monday news hit the wire that China wants more talks before signing Trump's phase 1 deal, it became clear that it's only a deal on the surface and tensions between the US and China will likely remain in the near future.
If today's US retail sales data don't show the same solid developments as recent publications indicated, again fueling recession fears, our overall bullish outlook could find a new driver upwards, back above 1,500 USD and eyeing the current yearly highs around 1,555 USD in the days to come again.
And even if Gold does not take on bullish momentum again (probably because US retail sales data significantly beat expectations of 0.3% (MoM)), a stint below the current October lows around 1,460 USD wouldn't darken the picture, but instead, bring a potential mid-term long trigger around 1,440/450 USD into play.
Ready to take your trading to the next level? Find out how in Admiral Markets’ new webinar series Trading Spotlight, where our trading experts will be discussing risk management, trading psychology, and their top strategies for trading the world’s most popular markets - admiralmarkets.com/education/webinars/trading-spotlight-1
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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