During the Asian trading session, gold prices surpassed the 3-month highs and are now held above the $1,520 mark. Quotation growth occurs at reduced trading volumes. On the eve of the New Year, investors give preference to protective assets due to the increasing geopolitical tensions in the world.
US-China trade negotiations are still in the spotlight. According to Fox News, recently the White House adviser Peter Navarro stated that an interim foreign trade agreement could be signed next week. According to the South China Morning Post, Chinese Deputy Prime Minister Liu He will visit Washington on January 4, presumably to sign the first part of the foreign trade agreement. If these messages are confirmed, then at the beginning of 2020 we can expect a fairly strong decline in the value of gold.
Regarding the chart, the price broke through resistance at the level of 1515.00, therefore, the next target for bulls is the level of 1530.00.
Resistance Levels: 1530.00, 1555.00, 1565.00;
Support Levels: 1515.00, 1507.00, 1490.00.
The main scenario - an increase towards 1530.00 and further downward movement.
An alternative scenario - a decline of quotations from current levels.
The fundamental outlook is neutral. Bullish signals prevail on the chart, so within the daily framework we consider longs based on the support levels of 1515.00 and 1507.00.
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 […]