During the Tuesday Asian session gold prices were maintained in the green zone, (at the level of + 0.12%). Prices continue to be supported by risks associated with US-China trade negotiations. Investors anticipate the introduction of possible new trade duties by the United States on the 15th of December. Recently, a White House adviser Jared Kushner stated that Trump has not yet made a final decision regarding this issue. The Wall Street Journal reports on the upcoming bill banning the use of public funds to buy Chinese buses and wagons has also received a negative market perception. The bill could potentially harm Sino-American trade negotiations.
Two-day FOMC meeting, which begins today, is also constraining the market. The Head of the FRS final statement may have a very strong impact on the dynamics of the USD and gold prices movement. Therefore, today we should expect a continuation of trading in a limited horizontal range.
Regarding the chart, we expect a consolidation in the range of 1460.00-1467.50. It will be possible to expect a formation of a stronger movement after the price fixation at one of the borders of the flat.
Resistance Levels: 1467.50, 1480.00, 1490.00;
Support Levels: 1460.00, 1455.00, 1450.00.
The main scenario - a consolidation in the horizontal channel of 1460.00-1467.50.
An alternative scenario - a breakdown of support at the level of 1460.00 and a decline towards the level of 1455.00.
The fundamental outlook is neutral. Within a daily framework, we consider buying and selling starting from the borders of the range of 1460.00-1467.50.
Only from April 12, 2021, to May 14, 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 […]
FortFS wishes all traders a Happy Chinese New Year! Only from February 8 to March 12, 2021, we reduce spreads for the 4 most popular trading pairs. New values*: EURUSDf: 0.8 GBPUSDf: 0.9 USDJPYf: 1.0 XAUUSDf: 3.5 *These values are valid only for FLEX accounts Hurry up to take advantage of the offer! Learn more about spreads: https://www.fortfs.com/clients/specifications