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Gold is still bullish

Olymp Trade

Over the week, gold has lost 3.9% of its value after updating a 6-year high, and found support at $1383 per troy ounce. The local resistance is at $1395, and the structure of the movement between the mentioned marks has been sideways since the beginning of the week. Such a correction was expected after the recent aggressive vertical growth, so for now it can be assumed that the trend continues to be bullish. The situation will change only after a breakout of $1383 and consolidation below $1370.
A local sell off began after the US and Chinese leaders continued trade negotiations at the G20 summit. US President made concessions, including a refusal to increase the duties further and easing sanctions on the Chinese company Huawei. China, in return, agreed to increase the volume of imported US agricultural products and get back to the negotiating table.
The truce in the trade war between the superpowers led to an increase in demand for risky assets and growth in the global stock markets. At the same time, the demand for safe haven assets, including gold, has declined.

Olymp Trade Review

Source: https://olymptrade.com/
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