Gold lost most of the gains recorded on Thursday amid positive news about trade talks between the US and China.
The sharp increase in quotations was associated with a decrease in the interest rate in the EU. This has led to a decrease in government bond yields, which makes gold a more attractive investment asset. But subsequent statements by representatives of the United States and China again weakened investor interest in the yellow metal.
At first, Donald Trump gave mixed comments about the possible conclusion of an interim trade agreement with China. Subsequently, representatives of the White House denied these allegations, noting that journalists misinterpreted the statement of the president.
This morning, Vice Premier of the State Council of the PRC Liu He announced that the United States and China intend to resume trade negotiations next week. The meeting will discuss trade balance and mutual access to the market.
Today, in addition to geopolitical news, the focus of the market will be a report on US retail sales for August.
On the chart, from the level of 1485.00, the price resumed its upward movement, but met very strong resistance at 1523.00 and now trading again in the middle of the range of 1485.00-1523.00. At lower time intervals, bullish signals still prevail, so in the near future we can expect a new approach to the price level of 1523.00.
Resistance Levels: 1523.00, 1545.00, 1555.00;
Support Levels: 1499.00, 1485.00, 1455.00.
The main scenario is an increase in the direction of the level of 1523.00.
An alternative scenario is a breakdown of support at 1499.00 and a decline to 1485.00.
The market has a mixed fundamental background, but bullish signals still prevail on the chart. Short-term preference is given to longs, which should be considered at the levels of 1499.00 and 1485.00.
+$500 FOR TRADING Trade and receive real money for each 10th completed lot USE THE BONUS AND GET THE FOLLOWING BENEFITS: Unlimited withdrawal Compatible with Megaprotect and Deposit Bonus Available for cents and swap-free accounts HOW TO GET BONUS? To have a valid trading account To maintain the minimum account balance of 100 USD Keep trading and receive […]
We are launching the long-awaited rewards program for all subscribers of our social networks – share posts with your friends and get money on your FortFS account as a reward! 🥇 The participants will get the following benefits: • Real money for reposts • The reward is available for withdrawal without restrictions • You can […]