Gold prices rose today as investors sought precious metals as a safe haven and avoided the US dollar as the G20 summit awaited.
US President Donald Trump has said he will hold a meeting with his Chinese counterpart, Xi Jinping, during which lengthy discussions will be held to resolve the trade dispute between the two countries.
For its part, warned the World Trade Organization to increase trade barriers between major economies at the G20 summit - ahead of the meeting on Friday and Saturday - especially the United States and China.
Gold futures for August delivery rose 0.31% to currently trade at $ 1,429.20 per ounce compared to the opening at $ 1,418.60 an ounce, reaching a high of 1438.70. The contracts opened this week on a gap After closing the week at $ 1,400.10 an ounce, with the dollar index falling 0.07% to 96.12, showing a three-month low against the opening at 96.18.
Technical Analysis
Gold is going up strongly to reach our awaited target at 1433.60, and shows more bullishness at the beginning of today's trading, indicating that the uptrend continues to prevail over the short term and intraday basis, noting that the next target extends to 1477.00 zones.
SMA 50 continues to support the suggested bullish wave, awaiting further upside over the coming sessions, provided that the pair remains stable above 1420.00 as a breach of this level will press the price to start a bearish correction over the intraday basis before resuming the expected rally.
The trading range for today is among the support at 1415.00 and resistance at 1455.00.
The general trend for today is bullish.