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Gold restores previously lost positions

Gold opens trading on Monday in the green zone against the backdrop of a decline in investor optimism about the prospects for an early conclusion of a trade agreement between the US and China. Last week, the parties managed to achieve some progress, but the negotiations cannot be called a breakthrough, as the key differences remain unresolved. It was possible to agree only on China to increase purchases of US agricultural products by $ 40-50 billion. The parties also agreed to refrain from introducing duties planned for October.

Investors fear a new escalation of the conflict amid a visa war between official Beijing and Washington. Last week, the United States refused to issue visas to a number of Chinese diplomats who, in their opinion, were involved in violating the rights of national minorities. Later, Beijing announced the restriction on issuing visas to American diplomats.

Columbus Day is celebrated today in the United States and no important economic reports are expected. Therefore, the main influence on the dynamics of gold will continue to have the news of geopolitics and the situation on the stock market.

On the chart, we note a fairly strong price rebound from the level of 1475.00, within which the price was able to return to the level of 1485.00. This is a good signal towards the further development of the upward movement in the direction of the levels of 1500.00 and 1510.00.

Resistance Levels: 1500.00, 1510.00, 1525.00;

Support Levels: 1485.00, 1475.00, 1460.00.

The main scenario is an increase to 1500.00.

An alternative scenario is consolidation below 1485.00 and a support retest at 1475.00.

The news background on the market can be described as neutral. Bullish signals prevail locally on the chart. Inside the day, we consider longs when the price drops to 1485.00 and below.

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