Last U.S. session open, the precious metal dipped almost 20 dollars after “the ugliest” advanced GDP figure published at -32.9% versus -34.5% expected. However, gold regained ground and rebounded the next hour and sustained its rally, which continued throughout to Asia open today, peaking as high as 1969 as time of writing. Likely affected by the U.S. President Trump suggested to delay the election, causing uncertainty to a further backdrop of the dollar giving back its gain on the day.

Gold price has surpassed a softer resistance at 1962, next solid resistance would be an all-time high at 1980 reached twice during the week. Given the Stochastic oscillator topped at 80 meaning an overbought situation, trader could expect price to pullback to a possible 1950 level. If 1980 top is broken, chance it could breakthrough 2000.

Daily Pivot point 1942.61

S1 – 1923.10      R1 – 1978.19

S2 – 1997.70      R2 – 1887.53

S3 – 2052.78      R3 – 1832.44

Overall timeframe looks biased to a bullish trend, opportunity to long at pullback to 1964 with stop loss at 1940 and take profit 1980.

Analysed by: Mr. Ronald Wu,Independent Analyst