Gold pull back on some profit taking from the shorter-term futures traders and on downside corrections. An upbeat economic data out from China and U.S. also aided the stock market bulls. However, the Bulls still have the strong overall near-term technical advantage.
Technical Support 1500/1490
Technical Resistance 1520/1525
Asia share trade higher
Stocks in Asia were trading higher in Friday morning, as positive sentiment from a strong session on Wall Street outweighed a resurfacing of trade tensions. Investor are waiting for the release of China inflation data for clues on the health of its economy. Besides this, Japan’s economy grew more than expended.
Japan’s economy saw its third straight quarterly expansion in April-June. Government data release today show gross domestic product gained 0.4% and capital expenditure also rose 1.5% against previous quarter.
U.S. Holds off on Huawei Licenses
U.S. is holding off on a decision about licenses for U.S. companies to restart business with Huawei after China halts on purchases of U.S. farming goods.
Source: Bloomberg, CNBC