During the weekend OPEC agreed owner modest increase in oil output to compensate for losses in production at a time of rising Global demand but today the markets opened with a bearish gap. that is mostly because the OPEC output increase was already affected in.
in addition the dollar Rose sharply after US President Donald Trump warned tariffs Bone China in an escalating trade conflict that investors fear could damage Global growth.
To impose a 10% tariff on $200 billion worth of Chinese goods
to impose a 20% tariff on all European assembled car entering the US markets.
An increased import tariff will support the US local industry and the sentiments are making the dollar stronger which is why gold is trading bearish on a stronger dollar. anyway let's look at the fresh trading levels for gold.
Gold – XAU/USD – Trading Levels
Support Resistance
1261.4 1278.06
1256.26 1283.2
1247.93 1291.53
Key Trading Level: 1269.73