- Clearly, China and US won’t make the deal. There was a lot of optimism priced in Gold (from me too!), based particularly on Trade Progress, which now starts to unwind
- Tariffs are due to take effect on December 15. A lot of tariffs.
- Surprising gloomy US Manufacturing PMI – 4 straight month in the downtrend, weak employment, new orders, production sub-indexes
- Escalation over US Hong Kong and Xinjiang bill. Go and count how many times Chinese foreign Ministry used word “revenge” in their recent statements. 🙂
I expect to trade classicwhich well-worked last time. Currently, the price has retraced by approx. 38% from the peak which is well enough to start expecting the breakout. is in the downtrend watch for its breakout too as a confirmation. Key level to watch is 1490-1491, I wouldn’t recommend to get into the trade before we get the reason.
My live account http://bit.ly/pipvision
Entry price: $1490-1491 only after pullback on the lower timeframe.
Take profit: $1600
Stop loss: $1469
Enjoy and Happy Trading!