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Gold Weekly Outlook Feb 18 - 22

Release Time:2019-02-18 09:25

Gold Market Commentary 

This week precious metal traders will closely monitor movements in the U.S. dollar, one of the biggest drivers for gold, with U.S.-China trade talks continuing in Washington and Federal Reserve minutes and U.S. economic reports on tap. Both the U.S. and China reported progress in trade negotiations last week, but President Donald Trump said Friday that the talks were “very complicated" and that he might extend the March 1 deadline and keep tariffs on Chinese goods from rising. U.S. duties on $200 billion worth of Chinese imports are set to rise from 10% to 25% if no deal is reached by the deadline. The Fed on Wednesday is due to publish the minutes of its January meeting where its kept rates on hold and surprised markets by shifting to a more dovish stance on future rate hikes, citing subdued inflation and rising risks to global economic growth.

Technical Commentary 

Trend will remain up till it does not close below 1300. Closing above 1330 will indicate more strength. 

MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE:: 1300-1273-1262-1255-1236-1225-1215-1195- 1180-1153-1120-1045 MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :1330-1355-1366-1380-1400