Gold prices today are in the green zone of + 0.15%. Gold quotes keep growing in price due to the weakening USD position (USD index at -0.1%) and the uncertainty of US-China trade relations.
The main factor hindering the US currency at the moment is the recently published economic statistics data. According to the ADP November report, only 64 thousand of new jobs were created in the nonagricultural sector despite the forecast of 140+ thousand. This data is very likely to weaken the Friday labor market report. PMI data on the manufacturing and tertiary sectors of the US economy published this week appeared weaker than market expectations.
The high demand for gold and other safety-assets is further supported by controversial news regarding US-China trade negotiations. It becomes more likely that the parties will not be able to sign an agreement before the end of this year.
Regarding the chart, after a slight correction, quotes resumed an upward movement. The main support area is in the range of 1470.00-1473.00. Short-term target growth levels are the levels of 1485.00 and 1490.00.
Resistance levels: 1485.00, 1490.00, 1505.00;
Support levels: 1473.00, 1470.00, 1460.00.
The main scenario is an increase up to the levels of 1485.00-1490.00.
An alternative scenario is a breakdown of support at 1470.00 and a further decline down to 1460.00.
The fundamental outlook remains moderately positive. Bullish signals prevail on the chart. We consider purchases in the range of 1470.00-1473.00.
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