Action: Buy XAUUSD at $1,347.00/oz with a stop set to a daily close of $1,318/oz.
Why: The $1,350-60/oz level is a major technical resiatance point; Saxo Head of Commodity Strategy Ole Hansen sees the potential for $100 in upside if this is broken.
Background: The backdrop to gold price movements consists of the China-US trade war, increasing tensions around Iran, Federal Reserve easing, extensive gold buying by central banks, and technical factors.