📝 Comment on Gold on August 7, 2020:
‼ ️About news:
The Trump administration has sent a top-level delegation to visit Taiwan over the past four decades. China has voiced dissatisfaction and said it would certainly take countermeasures in response, as it still sees Taiwan as an inseparable entity. => This is a move that escalates tensions between the two big men.
- Besides that, investors are waiting for the negotiation on the new stimulus package to be approved. It is likely that there will be a deal and the above 2 factors will continue to support the price of Gold going up today.
- The market will wait for new information tonight on the non-farm payroll and the Unemployment Rate will be announced.
‼ ️ About technical and personal opinion:
- The information plus risk sentiment has led to a continuous increase in gold price in recent days, and there have not been many signals to slow this uptrend. As I have mentioned many days now, the buy trend will be dominant and only wait to buy.
- Looking on the smaller timeframes M30, H1, we can see that the price recovered slightly compared to the uptrend and clung to the MA20 to go to the next highs. In my opinion the price of gold in early trading today will still be supported so that the upside could be higher than this morning's peak when the market opened at "2075" heading up the 208x.
- Maybe the amplitude of Gold before the news tonight will not be too strong because the market is waiting for the news to be announced, so we should pay attention to set the TP levels accordingly. Price support pushed the price of gold up around the 2060 zone and resistance pushed the price down during the day around 208x.
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