Hi, Traders ! **Monfex** is at your service !

**Gold rushes back to above the key $1,500 level to settle at a 5-week high, on the back of battered U.S. stock market and weakened U.S. dollar.**



\* [Gold ](https://www.tradingview.com/symbols/COMEX-GC1!/)is finalizing the [Cup & Handle](https://www.tradingview.com/ideas/cupandhandle/) pattern, currently riding the ultimate wave towards August/September’s highs of $1,550.
\* The demand for [Gold ](https://www.tradingview.com/symbols/COMEX-GC1!/)as a haven was spurred by the news from China, where officials have cast doubts on prospects of a long-term trade agreement with the U.S.
\* Furthermore, Gold’s rally on expectations of the U.S.- China trade war is projected to prolong into a foreseeable future.
\* On the previous session, [Gold ](https://www.tradingview.com/symbols/COMEX-GC1!/)started up higher, but then retreated as the [Federal Reserve](https://www.tradingview.com/ideas/fred/) cut its benchmark interest rate for the third time as well as sent a message of the temporary halt in changes in [monetary policy](https://www.tradingview.com/ideas/fundamental/) settings.
\* Based on all these factors, we see the entry **Long** point around $1,500 with the nearest target at $1,550.

**Active trade signal**

Buy @ $1,500.
Target: $1,550.
Stop-loss: $1,480.


*DisclaimerThis report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.*

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