Gold is trading in the red zone on Friday amid rising major stock indexes and lower demand for defensive assets. In this way, investors respond to statements by White House economic adviser Lawrence Kudlow that the US and China are nearing a trade agreement. According to Kudlow, Trump positively assesses the current situation in negotiations with China, but is not yet ready to approve the first part of the agreement.
In the middle of the week, Donald Trump made a number of rather sharp statements and accusations against China, which caused market concern about the further course of trade negotiations. But, after Kudlow’s comments, optimism returned to the market that, despite serious controversy, the US and China would soon sign an interim foreign trade agreement.
Today, in addition to geopolitical news, it is worth paying attention to the publication of a report on US retail sales.
On the chart, the price tested the previously noted resistance level of 1470.00. Buyers failed to gain a foothold above this mark, so the scenario with a decline in quotes remains a medium-term priority.
Resistance Levels: 1470.00, 1485.00, 1505.00;
Support Levels: 1461.00, 1450.00, 1440.00.
The main scenario is testing the level of 1461.00 and rising to 1470.00.
An alternative scenario is a breakdown of the level of 1461.00 and a decrease to 1450.00.
The market is dominated by negative news background. Inside the day, it is worth considering shorts when forming a pullback movement to around 1470.00.
Only from November 02nd, 2020, to January 04th, 2021, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of […]
Only from 23 to 25 of November, the largest no deposit bonus 100 USD is available for all Forex traders! 🏆 Bonus details: 100 USD maximum withdrawal 75 lots of required trading turnover 2 weeks to try all of the trading conditions Available for cent accounts 📍 How to get the bonus: 1) Register an […]