GOLD on my view for long posistion keep hold buy......last low prie on forecast 1300
Comment:
Gold prices are near unchanged levels in early U.S. trading Monday. Some safe-haven demand is featured to start the trading week, but a firmer U.S. dollar index is a negative for the precious metals markets. April Comex gold futures were last up $0.70 an ounce at $1,324.00. May Comex silver was last up $0.054 at $16.52 an ounce.
The threat of a global trade war is prompting some safe-having buying in the gold and silver markets, after U.S. President Trump late last week announced he was slapping import tariffs on steel and aluminum. His recent tweets suggesting more U.S. protectionist measures are only exacerbating global concerns.
Also, the Italian elections on Sunday that produced no clear winner threw fresh uncertainty into the marketplace. Italy is the European Union’s third-largest economy.
Elections in Germany over the weekend showed Chancellor Angela Merkel will likely win a fourth term.
In other overnight news, China said its economic growth rate in 2018 would be would be 6.5%, with economic officials there wanting to reduce leverage in the financial markets.
The other key outside market on Monday morning sees Nymex crude oil prices near steady and trading just above $61.00 a barrel.
U.S. economic data due for release Monday includes the U.S. services PMI, the ISM non-manufacturing report on business, and the global services PMI.
Technically, April gold futures bulls and bears are on a level overall near-term technical playing field. But a fledgling downtrend line is still in place on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,342.90. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at today’s high of $1,328.90 and then at $1,335.00. First support is seen at $1,320.00 and then at $1,309.00. Wyckoff's Market Rating: 5.0
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The threat of a global trade war is prompting some safe-having buying in the gold and silver markets, after U.S. President Trump late last week announced he was slapping import tariffs on steel and aluminum. His recent tweets suggesting more U.S. protectionist measures are only exacerbating global concerns.
Also, the Italian elections on Sunday that produced no clear winner threw fresh uncertainty into the marketplace. Italy is the European Union’s third-largest economy.
Elections in Germany over the weekend showed Chancellor Angela Merkel will likely win a fourth term.
In other overnight news, China said its economic growth rate in 2018 would be would be 6.5%, with economic officials there wanting to reduce leverage in the financial markets.
The other key outside market on Monday morning sees Nymex crude oil prices near steady and trading just above $61.00 a barrel.
U.S. economic data due for release Monday includes the U.S. services PMI, the ISM non-manufacturing report on business, and the global services PMI.
Technically, April gold futures bulls and bears are on a level overall near-term technical playing field. But a fledgling downtrend line is still in place on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,342.90. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at today’s high of $1,328.90 and then at $1,335.00. First support is seen at $1,320.00 and then at $1,309.00. Wyckoff's Market Rating: 5.0