- Gold has changed course and is quoting up for the second consecutive day.
- Investor optimism about a positive result of conversations between the US and China is fading.
- The Xau/USD will probably face resistance at $ 3,340 and $ 3,370.
The gold (Xau/USD) has changed course during the European negotiation session on Tuesday, and is showing moderate profits, approaching the resistance by $ 3,340 as the dollar gives profits with the optimism about the result of the meeting between the US and China vanished.
seems
A slight enthusiasm backed by the positive comments of President Trump and US representatives about the advances in negotiation seems to have vanished, since the meeting extends for the second day. The US dollar is giving profits while investors become more cautious, increasing the demand for safe shelters such as gold.
Investors are cutting their long positions in US dollar, increasingly cautious about the result of negotiations between the two main economies of the world, amid the lack of progress in commercial agreements. Until now, only the United Kingdom has reached a fairly modest one, while the clock progresses towards the deadline of July 9.
Technical Analysis: The Boldist Trend of Xau/USD is losing impulse
The general trend is still negative, with the precious metal correcting down after a rebound from the minimum of May 15. However, the intradic graphics show an upward reaction from $ 3,290, which seems likely to extend beyond the previous support, now converted into resistance into $ 3,340.
Elliott Wave analysts would say that the torque has confirmed the completion of a bullish cycle and is in a three -wave correction. In this case, we would be in the AB leg, which could extend to the reverse trend line, now at $ 3,370, before extending down.
At the bottom, the supports are at a minimum of June 9, 3,290 $, and the maximum of May 15 and 19, and the minimum of May 29 in $ 3,245.
4 -hour xau/USD graphics
American dollar today
The lower table shows the percentage of US dollar change (USD) compared to the main coins today. US dollar was the strongest currency against pound sterling.
| USD | EUR | GBP | JPY | CAD | Aud | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.00% | 0.34% | 0.01% | -0.00% | 0.05% | 0.00% | -0.06% | |
| EUR | -0.00% | 0.35% | 0.00% | 0.03% | 0.07% | 0.00% | -0.04% | |
| GBP | -0.34% | -0.35% | -0.41% | -0.33% | -0.28% | -0.35% | -0.38% | |
| JPY | -0.01% | 0.00% | 0.41% | 0.00% | -0.01% | -0.10% | -0.16% | |
| CAD | 0.00% | -0.03% | 0.33% | -0.00% | 0.03% | -0.02% | -0.06% | |
| Aud | -0.05% | -0.07% | 0.28% | 0.00% | -0.03% | -0.04% | -0.12% | |
| NZD | 0.00% | -0.00% | 0.35% | 0.10% | 0.02% | 0.04% | -0.04% | |
| CHF | 0.06% | 0.04% | 0.38% | 0.16% | 0.06% | 0.12% | 0.04% |
The heat map shows the percentage changes of the main currencies. The base currency is selected from the left column, while the contribution currency is selected in the upper row. For example, if you choose the US dollar of the left column and move along the horizontal line to the Japanese yen, the percentage change shown in the box will represent the USD (base)/JPY (quotation).
endurance
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
