- Gold is looking to beat resistance at $1,478 amid fading trade optimism.
- A close higher would confirm a double bottom breakout on the daily chart.
Gold is chipping away at resistance at $1,478 in Asia.
A close higher would confirm a double bottom breakout. That would mean the pullback from September highs above $1,555 has ended and the bulls have regained control.
A breakout, if confirmed, would open the doors for $1,508 (target as per the measured move method).
A close above $1,478 looks likely with fading US-China trade optimism. President Trump on Tuesday said that he may delay a trade deal with China till after the 2020 presidential election.
Further, political tensions between the two nations are escalating. The US House of Representatives on Tuesday overwhelmingly passed the Uighur Act, a bill to condemn the Chinese government for its mass internment of Uighur Muslims in Xinjiang.
Daily chart
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Trend: Bullish above $1,478
Technical levels
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