Gold prices are at a decline of -0.44% today. Gold price was pressured by the reports of China partially lifting the previously imposed trade restrictions regarding the US imports. In particular, it is reported that China has abolished duties on US soybeans and pork.
Investors also reacted positively to Donald Trump’s new comments regarding the trade negotiations with China "moving forward." Trump noted that he has not yet decided what will happen on the 15th of December, as US-China trade negotiations remain fairly positive (an introduction of new trade duties regarding Chinese imports was announced previously).
Amid the trading risks mitigation, the demand for gold as the main safety asset is declining.
Apart from the trade news, the attention of traders today will be focused on the US labour market November report. Previously published data indicates that the report may be worse than market expectations.
Regarding the chart, we note a breakdown of support at the level of 1473.00. This should be a negative signal for buyers, since now we can expect a further decline towards 1460.00.
Resistance Levels: 1478.50, 1485.00, 1490.00;
Support Levels: 1473.00, 1470.00, 1460.00.
The main scenario - a consolidation at 1473.00 and a further decline towards 1460.00.
An alternative scenario - a consolidation below 1473.00 and further growth towards 1490.00.
The fundamental outlook is moderately negative. The chart is dominated by bearish signals. We consider sales with very moderate risks from the level of 1478.50.
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