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Gold is restored after a decrease of more than 1.5%

Nov 8 2019, 04:19 PM (BDT) | Fortfs.com

On Friday, gold is gradually recovering after a sharp decline in trading prices on Thursday. The focus of the market remains news on the progress of US-Chinese trade negotiations. Yesterday, the representative of the Ministry of Commerce of China announced that the parties agreed to cancel the previously imposed duties immediately after signing the interim agreement. Stock indices reacted with growth, while gold decreased by more than 1.5%.

Today, the market situation has changed. The main indexes are in the red zone, responding to reports by White House adviser Peter Navarro that the US and China have not yet reached an agreement on the abolition of trade duties. Amid a decrease in risk appetite for investors, gold and other protective assets were given a good opportunity to restore previously lost positions.

Today, the economic calendar again lacks important events, so the main driver for markets will remain the news of geopolitics.

On the chart, the price broke through the level of 1480.00 and tested the next support level of 1460.00 for strength. The price rebounded quite strongly, therefore, from the current levels we can expect further development of the correctional movement with the immediate target at the level of 1475.00. With the breakdown of this mark, we can expect growth to 1485.00.

Resistance Levels: 1475.00, 1485.00, 1495.00;

Support Levels: 1465.00, 1450.00, 1435.00.

The main scenario is an increase to 1475.00.

Alternative scenario - breakdown of support at 1.1465 and further development of the downward movement

Locally, the positive news background for gold prevails. There are signals on the chart in favor of the development of the correctional movement. We consider short-term longs from the level of 1465.00.

 

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