- Gold is on the defensive despite escalating US-China trade tensions. The new US tariffs on $16 billion worth of Chinese goods have taken effect a few minutes ago and could invite retaliatory action from Beijing.
- A bearish doji reversal would be confirmed if the metal closes below the previous day’s doji candle low of $1,192. The bearish reversal, if confirmed, would mean the corrective rally from the recent low of $1,160 has ended.
Daily chart
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Current Price: $1,191
Daily HIgh: $1,196
Daily Low: $1,190
Trend: Risks bearish close below $1,192
R1: $1,196 (session high)
R2: $1,200 (psychological hurdle)
R3: $$1,204.59 (Aug. 3 low)
Support
S1: $1,189 (100-hour MA + 200-hour MA)
S2: $1,187 (support of Aug. 21 low on the hourly chart)
S3: $1,185 (38.2% Fib R of $1,160/$1,201.58)
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