Gold technical analysis: Set-up remains in favour of bullish traders

• Gold built on the overnight bullish breakout momentum and climbed to fresh multi-year tops - around the $1475 region earlier this Tuesday, albeit witnessed some intraday profit-taking thereafter.
• The fact that the precious metal has managed to hold its neck above the resistance breakpoint - now turned support near the $1448-50 region, the set-up remains in favour of bullish traders.

Moreover, technical indicators on the daily chart maintained their positive bias and further reinforce the constructive set-up, albeit overbought conditions on hourly charts seemed to be the only factor holding investors from placing any aggressive bullish bets.

Having said that, a follow-through buying beyond the daily swing high, leading to subsequent strength above $1478-80 intermediate resistance now seems to set the stage for an extension of the recent appreciating move further towards reclaiming the key $1500 psychological mark for the first time since April 2013.

On the flip side, the mentioned resistance-turned-support might continue to protect the immediate downside, which if broken might prompt some long-unwinding trade and accelerate the corrective slide further towards $1440 horizontal support en-route the $1430 region.

Failure to defend the mentioned support levels might turn the commodity vulnerable to head back towards challenging the key $1400 psychological mark with some intermediate support near the $1411-10 region.

Gold daily chart

XAU/USD

OVERVIEW
Today last price	1463.4
Today Daily Change	-0.70
Today Daily Change %	-0.05
Today daily open	1464.1

TRENDS
Daily SMA20	1423.84
Daily SMA50	1385.96
Daily SMA100	1337.56
Daily SMA200	1304.51

LEVELS
Previous Daily High	1469.7
Previous Daily Low	1436.96
Previous Weekly High	1455.8
Previous Weekly Low	1400.9
Previous Monthly High	1452.72
Previous Monthly Low	1382.02
Daily Fibonacci 38.2%	1457.19
Daily Fibonacci 61.8%	1449.47
Daily Pivot Point S1	1444.14
Daily Pivot Point S2	1424.18
Daily Pivot Point S3	1411.4
Daily Pivot Point R1	1476.88
Daily Pivot Point R2	1489.66
Daily Pivot Point R3	1509.62

‘Iran capable of exporting $25b of technical, engineering services’

Farzin Mahdyar although mentioned the problems in the way of exporting these services specially to some of the neighboring countries.

Iran is conducting technical and engineering projects in CIS countries and Iraq, but due to some barriers mainly related to the international limitations which make issuance of guarantees impossible for the both sides, the Iranian operators of those projects will have no choice rather than leaving those countries, the official lamented.

MA/MA

Realme CEO changes Twitter name, hints at new phone 

 Chinese smartphone manufacturer Realme is all set to showcase the 64-megapixel camera smartphone in India on Thursday and ahead of the launch, CEO Madhav Sheth has changed his name on Twitter to Madhav ‘5' Quad, hinting that the new device would be called Realme 5.

Since Chinese consider number four an unlucky number, it might be a possibility that after Realme 3, Realme 3 Pro and Realme 3i, the company might launch Realme 5.

Realme recently took to Twitter to announce it would be showcasing a phone with a 64-megapixel camera on August 8, which was followed by an announcement from Redmi. The upcoming Realme phone is expected to integrate the Samsung's ISOCELL Bright GW1 sensor that was announced earlier this year. 

Samsung GW1 image sensor would be larger than that of the current line of 48MP sensors and would use Pixel-merging Tetracell technology to merge 16MP images into one, thus providing a 64MP shot. 

While a standard 48MP camera bins pixel snaps that compare to a 12MP 1.6-micron pixel camera, the 64MP GW1 sensor would bring pixel binning equivalent to a 16MP 1.6-micron pixel shot.

Crude to test psychological and technical support amid demand worries – TD Securities

Brent crude dropped 1.5 percent to just under $58.94/bbl, which tilted the global oil benchmark into bear market territory. While there are worries that China is sitting on tens of millions of barrels of "illegally" exported Iranian crude, these oil price declines seem to be very much driven by the demand side of the equation, as the supply side still looks well positioned for significantly firmer crude markets

“OPEC+ continues to be committed to its 1.2 million b/d of reductions and delivered 130k b/d less supply in July, Iran is struggling to ship its product, while US shale producers are not punching above their weight as many had expected.”

“US inventories started to erode sharply over the last several weeks. Plus, geopolitical tensions continue to be elevated in the Middle East in the aftermath of another oil tanker being seized by Iran amid claims it was smuggling fuel to Arab States and as Turkey readies to stage an incursion into Syria.”

“We shouldn’t underestimate the potential impact of a full-blown trade war between the world’s two biggest economies, as this could very well mean the market significantly overestimated demand growth for oil and we could easily be in a surplus situation in 2020.”

“Given the current global trade tensions and the risk of currency wars, demand growth could well drop some 400k b/d next year, which would negate OPEC+ hard work to rebalance the market. As such, a WTI move toward just above $50/bbl which is a technical and psychological support level is very much in the cards, should the US-China trade issues remain unsolved.”