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Oct 22 2019, 04:07 PM (BDT) | Fortfs.com

Gold completed trading on Monday in the red zone, -0.4%. Pressure on the price was exerted by positive comments by White House representatives on the course of trade negotiations between the US and China. US Trade Representative Robert Lightheiser noted that the first phase of negotiations should be completed by the APEC summit, November 16-17. Noted the progress in trade negotiations and Donald trump. According to him, the agreement is already taking a certain form. These statements have somewhat increased investor risk appetite.

In general, it is worth noting that this week will be the richest in terms of corporate reporting in the United States. So far, the results of the work of companies for the 3rd quarter have for the most part exceeded the expectations of experts, so the demand for protective assets is declining.

Today, most likely, the market will continue to experience shortages of important news. The highlight of the day will be a vote in the UK Parliament on the new Brexit bill.

The price channel 1475.00-1495.00 is still relevant on the chart. Today, within the framework of this sideways, we can expect further development of the downward movement to around 1475.00.

Resistance Levels: 1495.00, 1510.00, 1525.00;

Support Levels: 1475.00, 1460.00, 1435.00.

The main scenario is a decline to 1475.00.

An alternative scenario is consolidation above 1495.00 and growth to 1510.00.

The market is locally dominated by a moderately negative news background. The sidewall 1475.00-1495.00 is formed on the chart. We consider sales from the levels of 1485.00 and 1495.00 (this option is preferable).

 

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