At the markets opening on Monday, gold prices continued to move up and set a new 2-month high value. The price was supported by the reports of US striking the Hezbollah facilities in Iraq and Syria which could aggravate relations between the US and Iran even further. Within the framework of such tense geopolitical news, the prices for gold as the main protective asset have risen.
Uncertainty around the US-China trade relationship continues to support gold prices even further. It is expected that the interim foreign trade agreement will be signed in January 2020, but so far the parties have not published the details of this agreement.
Bullish signals still prevail on the chart. The price practically does not react to a strong resistance level of 1515.00. The upward pressure intensifies. Therefore, the main scenario is the breakdown of the level of 1515.00 and growth towards 1530.00.
Resistance Levels: 1515.00, 1530.00, 1555.00;
Support Levels: 1507.00, 1490.00, 1475.00.
The main scenario - a correction towards 1507.00 and further upward movement.
An alternative scenario - a breakdown of support at the level of 1507.00 and a decline towards 1490.00.
The fundamental outlook is moderately positive. Bullish signals prevail on the chart. Within the daily framework, we would consider longs around the level of 1507.00.
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