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Gold prices continue to consolidate in a narrow range

Dec 18 2019, 02:36 PM (+06) | Fortfs.com

Gold prices remain in a very narrow range due to the lack of important economic and geopolitical news on the market.

No important macroeconomic data was published earlier this week, so the trading volatility in the recent days has significantly decreased.

The area of major geopolitical news is also lacking. Messages about the completion of the first phase of US-China trade negotiations have already been fully followed by the market. Investors are now expecting the announcement of this agreement signing date and information on further plans of the parties to resume negotiations on the creation of a comprehensive agreement.

A speech by the head of the ECB Christine Lagarde Today might have a moderate impact on the dynamics of gold prices.

Regarding the chart, the situation for the day has not changed. Bidding takes place within the framework of a wide horizontal channel 1460.00-1483.00. Locally, we can expect the development of an upward movement in the direction of the level of 1483.00.

Resistance Levels: 1483.00, 1490.00, 1505.00;

Support Levels: 1474.50, 1460.00, 1455.00.

The main scenario - an increase towards 1483.00 and further downward movement.

An alternative scenario - a breakdown of resistance at 1483.00 and an increase towards 1490.00.

The fundamental outlook is neutral. Within the daily framework, we consider longs from the level of 1474.50.

 

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