Gold’s Advances Towards Important Resistance, Beware For A Rejection

Alexandros Yfantis • May 6, 2019 at 4:00 AM EDT

Gold prices bounced as risk off hits the markets after the remarks by POTUS that there are delays in the deal with China and new tariffs will be in effect from this Friday.

Gold prices bounced as risk off hits the markets after the remarks by POTUS that there are delays in the deal with CHINA and new tariffs will be in effect from this Friday… US indices fell more than 1% in premarket while Chinese indices get hit harder…

Chinese indices continue their tumble lower

SPX futures point lower at premarket

Gold price bounces

Gold price is approaching major short-term resistance at $1,290 area. We are still inside the neckline area of $1,280-90 and below the blue trend line resistance. Bulls need to be careful as long as we remain below $1,290. $1,300 is also very important but you get the whole meaning….this is a very important junction for Gold. Rejection will lead to $1,250-$1,220.

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