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Chart of the Day: XAUUSD

What this week could mean for Gold. A pivotal week for financial markets with the scheduled 15% tariffs on $160b of Chinese exports (to the US) due to kick in on Sunday.

XAUUSD daily chart
  • A pivotal week for financial markets with the scheduled 15% tariffs on $160b of Chinese exports (to the US) due to kick in on Sunday

  • If they go through, Gold could gap higher and rally back to $1484, which seems to be how clients are positioned, with sizeable buy orders seen in the last few days

  • Tariff increases will cause USDCNH, as well as the JPY and the CHF to move sharply higher too, with traders using the ‘recession’ word more liberally again

  • Should we see a loose agreement to revisit talks and tariffs in late January/early February 2020 then it could refocus traders back onto the new theme driving gold - a modestly better 2020 and reflation

  • A bearish break of $1447 (38.2% fib of the May to September rally takes gold into $1400 fairly quickly.)

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