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Gold hits $1,491 resistance after jumping +$73 last 5 days… Now What?

Aug 7, 2019 (07:30)

by John Knobel

Demand for safe haven assets; US - China trade war carries on; global growth slows and global central banks rush to cut interest rates all helping to support gold demand; Current price; $1,487; resistance at $1,491 a break above may open up a test of the March 2013 high at $1,650; support seen at $1,380;

Events to Know for Today:

Disney missed earnings and sales; share price falls -4.1% in after market trading; new Star Wars theme park cost hits earnings;
The Reserve Bank of New Zealand (RBNZ) cuts interest rate to 1% from 1.5%; NZD/USD falls -2%; AUD/USD follows with a -65 pip drop as New Zealand gets aggressive with interest rate cuts to stimulate its economy;
India cuts its base interest rate from 5.75% to 5.4%; India’s Nifty 50 stock index moved higher on the rate cut;
US Crude Oil Inventories due today; forecast to fall by -2.845 million barrels; Crude Oil breaks below the $53.70 support; downside momentum remains; potential next leg lower near $50.95 support; Crude Oil (CL) down -21% since April; fears of reduced demand for Oil on the back of the ongoing US – China trade war adding to downside pressure;

Source: FXGM / Bloomberg

The original content of this Market Update is done in the English language. Any other language translation is provided for the sake of convenience. In case of any inconsistencies between the original English version and any other language, the original English version shall prevail.

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