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Gold prices maintain an upward movement

Dec 23 2019, 01:50 PM (+06) | Fortfs.com

The price of gold continues to rise amid continuing uncertainty in US-China trade relations. On Saturday, Donald Trump noted that he had a good telephone conversation with Chinese leader Xi Jinping and the parties were able to significantly advance in trade negotiations. But the Chinese side said that during the conversation, Xi Jinping accused the United States of meddling in China’s internal affairs. Investors ambiguously evaluated the results of the negotiations and still prefer more reliable assets, fearing aggravation of relations between the countries before signing an interim foreign trade agreement. The details of this agreement remain unknown, which increases market uncertainty.

Today, in addition to geopolitical news, the focus of the market will be on macroeconomic statistics from the United States. The publication of data on basic orders for durable goods and new real estate sales for November is expected.

Regarding the chart, the price still remains within the horizontal channel of 1460.00-1483.00. Locally, the movement continues towards the upper border of the flat. We expect the growth of quotations towards the area of 1490.00 after the price fixation above the level of 1483.00.

Resistance Levels: 1483.00, 1490.00, 1505.00;

Support Levels: 1475.00, 1460.00, 1455.00.

The main scenario - a breakdown at the level of 1483.00 and an increase to 1490.00.

An alternative scenario - an increase towards 1483.00 and a decrease to 1475.00.

The fundamental outlook is neutral. Within the daily framework, we consider longs from the level of 1475.00.

 

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