On analysis of the movements of Gold futures in different time frames, I find that the renewed tariff trade tussle has enhanced exhaustion in global equity markets which have already been under pressure given the impact of COVID-19. These circumstances may continue to propel bullish sentiments in Gold futures.
I find that the breakout above the level of $1722 in Gold futures may encourage gold bugs to test the level of $1822 within the next two weeks.
Gold Futures Daily Chart (Image not shown due to low ratings)
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