MARKET OUTLOOK for GOLD/TRADE CALL

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Risk Events

US retail sales

BOE Carney speaks

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Summary

US stock market holding up well as markets is expecting Fed to cut rates. But we expect this run up will not last for too long as trade wars and economic data will likely prevent further stock markets to go higher.

Usd remains under pressure with safe havens in demand

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GOLD(1347.60)

Recommendation: further upside seen (stop 1238)

A test of 1370 is possible

Resistance : 1348 / 1355 / 1360

Support : 1340/1335 /1330

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Trade Call

S&P (2894)

Sell S&P with a stop 2970

Target 2750

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Fundamental analysis

Expecting a sell off in the stock markets soon as we believe this recent upmove is not sustainable base just on the perception of a Fed cut

Technical analysis

Over bought conditions and potential candlestick reversal on the daily charts

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Disclaimer : Any data and information provided is for the sole purpose of assisting traders to make independent investment decisions and is not intended for trading purposes or advice. Goldfx Investment Co Ltd will not accept liability for any loss or damage.

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