Gold opens trading on Monday with a slight decrease amid positive news about US-China trade negotiations. As early as Saturday, Reuters reported that the United States intends to renew for another two weeks the license to US companies that work with Huawei. On the same day, the Chinese Deputy Prime Minister held a telephone conversation with the US Trade Representative and Secretary of the Treasury. A new round of trade talks will begin in Beijing on Monday.
But the overall market situation remains rather uncertain. The pressure on the major indices is exerted by news about the escalation of the conflict in Hong Kong. Investors fear that this could slow down the process of trade negotiations between the US and China.
Today there is no important news in the economic calendar, therefore, the main influence on the bidding will have geopolitical news and the situation on stock exchanges.
On the chart there was a retest of the level of 1470.00, which had previously been falsely broken. This is a good reversal signal, within which we can expect the development of a bearish wave with the main target at the level of 1450.00.
Resistance Levels: 1470.00, 1485.00, 1505.00;
Support Levels: 1461.00, 1450.00, 1440.00.
The main scenario is a breakdown of support at 1461.00 and a decline in the direction of 1450.00.
An alternative scenario is consolidation in the range of 1461.00-1470.00.
The market is dominated by negative news background. Inside the day, bearish signals dominate. We give preference to shorts that are worth looking for near the level of 1470.00.
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