Weekly gold rallied from Monday high 1820 to yesterday’s high peaking at 1898.43, over $70 surge. Given the U.S. demanded to shut one of the most influencing local Chinese Consulate at Houston, further tightening tension between the two nations, damaging the greenback giving rise also to the stock market. Witnessed a minor pullback yesterday with better-than-expected employment claims in the State and reversed to record high, from then on, its price is consolidated between 1879 and 1890 during late America session and early Asian session.

A consistent uptrend of the metal shown from the beginning of the month and a much steeper uptrend since this week in the hourly chart, pushing the stochastic oscillator to multiple highs above 80 and the trend is still ongoing. Expecting price to see a drop back to potential 1880 and rebound high to 1892 or even 1900 during London and America open today.

Daily Pivot Point ：1884.65

S1 – 1870.86 R1 – 1901.46

S2 – 1854.05 R2 – 1915.25

S3 – 1823.45 R3 – 1945.85

Opportunity to initiate long order at 1882 if seen, take-profit target at 1889.30 and stop-loss at 1877.94.

Analysed by: Mr. Ronald Wu，Independent Analyst