Can Gold Rise Higher?

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Tensions in Asia are mounted this morning with Beijing announcing that they will impose further security around the Hong Kong city-state. Stock markets headed lower over disappointing data, the everpresent threat of COVID-19 and strained US/China trade relations that threaten the “Phase One” trade deal signed earlier this year.

With stock markets set to end the week on a bearish note, we would expect some interesting price trends when it comes to XAU/USD. Gold could rise further as we see a decline in share prices towards the end of the week. We have a tight stop loss and a target to the upside. We bought at 1733.20 with SL at 1720.00 and TP at 1750.00 (or even higher). If the markets decline further from here a higher price of Gold could be seen as the recent retracement could be over.

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