|Day's range||1,517.90 - 1,528.70|
Spot gold fell 0.2% to $1,514.44 per ounce at 0546 GMT, but lingered near the over one-week high of $1,516.81 hit on Friday. U.S. gold futures were up 0.5% to $1,521.90 per ounce. "Gold is currently in a mixed zone." said Howie Lee, economist at OCBC Bank.
Most Asian share markets slipped on Monday as investors waited for more clarity on Sino-U.S. trade talks, while oil gained more than 1% as Middle East tensions remained elevated. Market sentiment was fragile with civil unrest in Hong Kong, tensions in the Middle East and worries a trade deal between the United States and China could take a long time to materialise. Hong Kong's Hang Seng index was 0.8% weaker after a weekend of sometimes violent protests that saw pro-democracy activists vandalise a railway station and shopping mall.
The primary concerns for traders this week will be whether Saudi Arabia will be able to repair its damaged oil production facilities in a timely manner and whether they can protect their production facilities and oil fields from further attacks.
Investing.com - Gold prices rose on Monday in Asia on Monday as an attack on Saudi Arabia’s oil facilities last week reignited the yellow metal’s potential as a safe-haven against political risk.
Global shares dipped on Monday as weaker than expected economic surveys added to investor worries over the unresolved U.S.-China trade dispute's effects on the world economy, while oil gained more than 1% as Middle East tensions remained elevated. European stock markets opened lower as surveys of purchasing managers from France, Germany, and the euro zone came in weaker than expected. Euro zone business growth has stalled this month, a survey showed on Monday, less than two weeks after outgoing ECB President Mario Draghi pledged indefinite stimulus to revive the bloc's ailing economy.
The news from Friday that Chinese officials went home without visiting U.S. Farms was not a major event. So prices could retreat early in the week since this is what triggered Friday’s late short-covering rally in gold.
In the week that ended on September 20, US crude oil prices rose 5.9%. On September 14, drones attack crippled Saudi Arabia oil production by 50%.
Holding above the downtrending Gann angle at $1518.20 will indicate that buyers are coming in ahead of the close. This could trigger a late session rally into a 50% level at $1528.50, followed by a Fibonacci level at $1537.40 and a downtrending Gann angle at $1542.20.
Gold markets initially fell during the week but have found a bit of support at the crucial $1500 level yet again. At this point, the question is are we going to roll over, or are we entering consolidation?
Crude oil markets continue to grind sideways as the markets have yet to fill the gap from the Monday panic. With that being the case, the market is very likely to continue going lower given enough time, but obviously there some fighting to do.
The gold market continues to grind sideways in general, as we have found quite a bit of support just below. Ultimately, this is a market that continues to find buyers on these dips, as we continue to see Gold levitate. That of course is a very positive sign.
The Euro broke down a bit during the week, to reach towards the 1.10 EUR level, an area that would make quite a bit of psychological importance to traders around the world. However, the overall downtrend should continue, although it is very choppy.
The Australian dollar initially tried to rally during the week, but then broke down significantly as we continue to see a lot of concerns when it comes to the US/China trade situation and of course global growth in general which Australia is highly sensitive to.
The US dollar drifted a little bit lower during the trading session against the Japanese yen on Friday, as the market looks a bit exhausted at this point. Beyond that though, a parabolic market does need to pull back.
The British pound initially tried to rally during the trading session on Friday but gave back quite a bit of the gains and now seems to be ready to show signs of exhaustion and perhaps finally roll over for a longer-term move.
The British pound initially tried to rally but fell against the Japanese yen. The ¥135 level has caused a significant amount of resistance, and with the technical confluence in this area, it’s likely that the market will run into a significant amount of trouble.
The Euro initially tried to rally during the Friday session but continues to see plenty of selling pressure above, and it looks as if the EUR/USD pair is trying to break down rather significantly. Longer-term, this is a market that should continue to favor the downside in general.
The Australian dollar initially tried to rally during the trading session on Friday, but then struggled above the 0.68 level. By doing so, the market turned right back around to form a very bearish looking candle stick.
During September, the British pound is struggling to get out of the pit where it fell on the fear of no-deal Brexit. This decline sent GBPUSD in August and early September to levels that had not been consistently achieved since 1985. However, it also probably attracted the interest of speculators who consider the current historically low levels as an excellent opportunity to buy over-sold British currency.
Investing.com -- Gold prices rose on Friday as investors drew in their horns at the end of a week that has ultimately done little to give the market any real sense of direction.
EUR/USD made another attempt at a critical resistance area in early trading on Friday but sellers jumped in to hold the pair within a range.
Another flat day for US equities as the S&P; 500 Index closed little changed, as investors searched but failed to find a decent incentive to buy suggesting investors remain mildly disappointed by the latest round of central bank policy.
The main trend is down according to the daily swing chart. A trade through .6269 will signal a resumption of the downtrend. The main trend will change to up on a move through .6445.