Gold consolidating above 1300, heading to 1320
Gold above pivot 1300, sideways to hit 1325 again
Technical Overview: Gold trading at 1303, above the key support at 1300 now, downside day support stands at 1292 the earlier resistance now turned to support. As trend remains firm, for the day can be in sideways trade where downside 1298 and upside 1315 can be the range levels. For the coming session one can hold or buy from every low till 1300 levels for upside 13011-15 zones. Overall buy on dips is advised for the day.
Fundamental: On Wednesday, spot gold rose by 0.56 percent to close at $1309.0 per ounce. Dollar declined against the basket of currencies which supported Gold to continue to trade over the $1300 mark. The U.S. dollar declined after the U.K. Parliament rejected a No-Deal hard Brexit in an extremely close vote of 312- 308. Today’s rejection of a hard exit was extremely bullish for both the British Pound, and the Euro dollar which in turn pressurized the U.S. Dollar. As per the statement of the U.S. Trade Representative Robert Lighthizer, US-China might be in the last week of their trade talks in an attempt to end their tit-for-tat tariffs dispute.
Suggestion: BUY GOLD TILL 1300 FOR 1312/1315 ELSE SELL BELOW 1284 FOR 1275/1270