Gold is up, Stocks under pressure

<h3>XAUUSD,H1</h3>
<p>Gold kept its uptrend after US GDP fell to -5%, lower than the -4.8% expected. On the other hand, ongoing tensions between the US and China is increasing ahead of US President Trump’s  news conference on Friday about China and the US reaction. Risk-off themes will be in play and investors will be looking forward to seeing what he is going to say.</p>
<p>Today, the market will also  pay attention to Fed Chair Powell’s speech. The importance of this speech is mostly about his outlook for the US economy and whether he expects a “V”, “U” or “swoosh” shape recovery.</p>
<p>On the COVID-19 front, the death toll rose above 100K in the US and there were over 2 million new jobless claims for the 10th week in a row, while there was also a -3.860 million plunge in continuing claims to 21.052 million, as this measure has finally “turned the corner” to initiate its unwind starting in the May BLS survey week.</p>
<p>All data and news are in favour of a bull market at the moment.</p>
<p><strong>Technical overview – H1 chart</strong></p>
<p>Technical indicators are supporting the bulls at the moment. RSI is at 55, while the price is above the middle line of BB (20 HMA) and OBV trend line. Looking forward, bulls need to breach the upper line of BB, sitting at $1525, and confirm it with 200 H-MA, sitting at $1729, to open the doors to gain more. On the flip side, $1715, lower band of BB, and then $1711 are next support levels. Bears need to breach  $1704 to confirm their power.</p>
<p>Pivot point: <strong>1717.40</strong></p>
<p>Resistance levels: 1728.90 / 1739.00</p>
<p>Support levels: 1707.36 / 1695.90</p>
<p>Today, the expected trading range is between <strong>1707.36</strong> support and <strong>1739.00</strong> resistance.</p>
<p><strong>Click </strong><a href="https://www.hotforex.com/en/trading-tools/economic-calendar.html"><strong>here</strong></a><strong> to access the HotForex Economic Calendar</strong></p>
<p><strong>Ahura Chalki</strong></p>
<p><strong>Market Analyst</strong></p>
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