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Main » 2019 » December » 2 » GOLD forecast for gold XAUUSD 02.12.2019 Price: GOLD DROPS ON THE GROWTH OF THE GLOBAL STOCK INDICES
10:25
GOLD forecast for gold XAUUSD 02.12.2019 Price: GOLD DROPS ON THE GROWTH OF THE GLOBAL STOCK INDICES

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Today, gold is trading with a decrease of 0.5%. Pressure on the precious metal has situation on stock markets. Main index opens trading week in the green zone, reflecting the increased interest investors to more risky assets. Against this background, the demand for protective assets (gold, the Japanese yen, and others.) Decreases.

 

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The main driver of the growth of stock indices were data on the manufacturing sector PMI from China Caixin. The index rose from 51.7 to 51.8 points. Experts forecast a decline to 51.5 points. The index held above $ 50 for the 4th month in a row, indicating a growth of activity in this sector.

 

 

The focus of investors are also news about the US trade negotiations and China. Where gold can get support, because on the eve of an information portal Axios said the suspension of trade talks because of the signing of the Donald Trump of human rights law in Hong Kong. In the case of aggravation of trade relations between the US and Chinese investors may once again turn its attention toward traditional defensive assets.

 

The economic calendar today is to provide the publication of the PMI manufacturing sector data in the EU countries and the USA, as well as ECB President Christine Lagarde.

 

In the graph locally correctional wave of the level of 1465.00. Expect resumption upward movement is possible on the level of 1455.00 which was previously formed support region. Rely on continued downward movement is possible after the breakdown level 1450.00.  

 

Levels of resistance: 1465.00, 1475.00, 1485.00;                                                 

Support levels: 1455.00, 1450.00, 1433.00.

The main scenario - decline to 1455.00, and the resumption of the upward movement.

Alternative - the breakdown of the level of 1455.00 and 1450.00 to decline.

 

Fundamental background - mixed. Within days consider buying the instrument from the support at 1455.00.

 

Gold forecast and analyst  FORTFS

 

 

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