Since the beginning of the week, the price of gold is growing. The pair was supported by poor macroeconomic data from China where the Caixin Manufacturing PMI fell to its September levels, and growing tensions in the Middle East where Saudi Arabia and few more countries that followed it broke off diplomatic ties with Iran.
If relations between the countries continue worsen, market volatility and the price of gold will keep growing.
Support and resistance
The pair is trading in a wide range between the levels of 1084.00 and 1059.30.
Trading is recommended from the borders of the channel.
Support levels: 1084.00.
Resistance levels: 1059.30.
Open short positions from the level of 1084.00 with the target at 1064.00 and stop-loss at 1090.00.Publication source