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Gold declines amid comments from White House economic advisers

Nov 15 2019, 03:06 PM (+06) |

Gold is trading in the red zone on Friday amid rising major stock indexes and lower demand for defensive assets. In this way, investors respond to statements by White House economic adviser Lawrence Kudlow that the US and China are nearing a trade agreement. According to Kudlow, Trump positively assesses the current situation in negotiations with China, but is not yet ready to approve the first part of the agreement.

In the middle of the week, Donald Trump made a number of rather sharp statements and accusations against China, which caused market concern about the further course of trade negotiations. But, after Kudlow’s comments, optimism returned to the market that, despite serious controversy, the US and China would soon sign an interim foreign trade agreement.

Today, in addition to geopolitical news, it is worth paying attention to the publication of a report on US retail sales.

On the chart, the price tested the previously noted resistance level of 1470.00. Buyers failed to gain a foothold above this mark, so the scenario with a decline in quotes remains a medium-term priority.

Resistance Levels: 1470.00, 1485.00, 1505.00;

Support Levels: 1461.00, 1450.00, 1440.00.

The main scenario is testing the level of 1461.00 and rising to 1470.00.

An alternative scenario is a breakdown of the level of 1461.00 and a decrease to 1450.00.

The market is dominated by negative news background. Inside the day, it is worth considering shorts when forming a pullback movement to around 1470.00.

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