IIndustry news:
Additional comments from White House trade advisor Peter Navarro continue to cross the wires, via Reuters, as he speaks in an interview with CNBC. Below are some key quotes.
"I hope the Fed will lower interest rates going forward."
"U.S. policy toward Huawei and 5G has not changed, Huawei remains on the entity list."
"Selling a small amount of chips to Huawei is small in the scheme of things."
Trading recommendation:
Gold has been trading higher n past 24 hours but the resistance at the price of $1.404 came to the test and it is not good for buying here. In my opinion there is the potential for more down as long as the Gold is trading below the $1.424.
Yellow rectangle – Resistance ($1.405)
Blue trendline- Support ($1.382)
Red trendline – Downward sloping trendline
MACD oscillator is still in the negative territory below the zero, which is sign that sellers are still in control even there was a rally on the Gold. As long as the Gold is trades below the level of $1.424, I would watch for selling opportunities. Sell zone is set at the price of $1.405 (yellow rectangle). Downward target is set at the price of $1.382.
