Locally, gold prices retain an upward movement due to the remaining uncertainty in US-Chinese trade relations. Yesterday, US Secretary of the Treasury Stephen Mnuchin confirmed that the parties plan to sign an interim foreign trade agreement in early January next year. But later, an unexpected statement was made by Canadian Prime Minister Justin Trudeau: "The United States should not sign a final agreement with China that would not provide a solution to the question of the fate of Meng and the two Canadians." It should be pointed out that the daughter of Huawei founder Meng Wanzhou was detained in Vancouver on suspicion of the United States for fraud. In response, the Chinese authorities detained two Canadian citizens, trying to put pressure on Ottawa to free Meng.
As long as the uncertainty in relations between the United States and China remains, investors will show an increased interest in defensive assets. Therefore, gold retains good prospects for the further development of a moderate upward movement.
Within the economic calendar today it is worth paying attention to the publication of final data on the US GDP growth for the 3rd quarter.
Within a medium-term time frame, gold continues to be traded in a wide horizontal channel of 1460.00-1483.00. As a part of this, an upward movement is now developing in the direction of the level of 1483.00. It is worth waiting for the formation of a trend movement only after the price fixation at one of the borders of the horizontal channel.
Resistance Levels: 1483.00, 1490.00, 1505.00;
Support Levels: 1475.00, 1460.00, 1455.00.
The main scenario - an increase towards 1483.00 and further downward movement.
An alternative scenario - a breakdown of support at the level of 1475.00 and a further decline towards 1460.00.
The fundamental outlook is neutral. Within the daily framework, we consider longs from the level of 1475.00.
Only from November 02nd, 2020, to January 04th, 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 […]
Only from 23 to 25 of November, the largest no deposit bonus 100 USD is available for all Forex traders! 🏆 Bonus details: 100 USD maximum withdrawal 75 lots of required trading turnover 2 weeks to try all of the trading conditions Available for cent accounts 📍 How to get the bonus: 1) Register an […]