Gold prices remain a narrow range with a solid chance for the further development of local upward movement. The demand for gold remains high despite the completion of the first phase of US-China trade negotiations as well as the advancing stock indices.
Firstly, the gold prices are being supported by the low USD index which has remained within its minimal level since July, 2019.
Secondly, the market still expects the conclusion of an interim agreement between the United States and China to be only a temporary truce in a large-scale trade war. Many experts note that the parties are unlikely to reach new agreements in the near future. The United States needs a temporary break in the trade war due to the upcoming presidential election. They have achieved this goal. There are also great doubts about the parties' compliance with previously reached agreements. In particular, experts say that China will not be able to ensure the purchase of agricultural products from the United States in the amount of $ 200 billion.
Regarding the chart, bidding still takes place within the wide horizontal channel of 1460.00-1483.00. Within the framework of this flat, we can expect the growth of quotes towards 1483.00.
Resistance Levels: 1483.00, 1490.00, 1505.00;
Support Levels: 1460.00, 1455.00, 1450.00.
The main scenario - an increase towards 1483.00 and further downward movement.
An alternative scenario - a breakdown of resistance at the level of 1483.00 and an increase towards 1490.00.
The fundamental outlook is neutral. Within the daily framework, we consider shorts from the level of 1483.00
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