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Fundamental Analysis

Looking at the ETF data, SPDR gold shares, the biggest-metals ETF, it becomes clear that the demand is still somewhat weak because the holdings of gold have gone down by 160,614 ounces. However, investors are increasing their holdings in other metals such as silver and platinum, both up by 117,343 and 18,003 troy ounces respectively.

Gold prices are likely to remain sensitive due to the ongoing trade war negotiations between the US and China. We are expecting higher volatility this afternoon when Trump will meet China’s top trade negotiator. Any strong optimism for an accord between the two superpowers is likely to restore confidence in the equity markets and this may push the price of gold a little lower.

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Technical Analysis

In terms of technical analysis, the RSI has eased off from its oversold region and this indicates that buyers may step in soon if the selling pressure continues at this pace. A reading near 30-mark represents a buying opportunity because the price is considered as oversold and it attracts new buyers. In terms of trend, the uptrend is still strongly intact because the price is still trading above the upward trend line. Also, the 50-day and 100-day moving averages are also below the price and this further strengthens the above argument.

The minor support is shown by the horizontal dotted line and the major by solid line. Similarly, the minor resistance is shown by the dotted line and major by solid.

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