Gold finished trading on Wednesday in a green area, 0.6%, before recovering some ground lost at the beginning of the trading week. Restoration of quotations contributed to driving dynamics of the major stock indexes. Reuters reported a possible postponement of the signing of the foreign trade agreement between the US and China in December had a negative impact on investor sentiment. The demand for protective assets grew since any transfer of the date of signing of the agreement may indicate the existence of certain differences between the position of the official Beijing and Washington that could eventually lead to a breakdown of all the agreements reached earlier.
Today, news about the US trade negotiations, and China will continue to exert the greatest influence on the driving dynamics of the financial markets as the economic calendar is no important events. With the reduction in the risk appetite of gold keeps good opportunities for further recovery.
On the chart the price has tested the resistance level of 1494.00 noted yesterday. We have not seen a strong rebound. Conversely, buyers increase the upward pressure on this mark, so th a higher priority today is the scenario with the further development of the upward movement in the direction of the level of 1505.00.
Levels of resistance: 1494.00, 1505.00, 1515.00;
Support levels: 1480.00, 1475.00, 1460.00.
The main scenario - the breakdown resistance at 1494.00 and rising towards 1505.00.
Alternative Scenario - decline to 1475.00 .
Today formed a moderately positive fundamental backdrop. In the graph there are signals in the direction of further development of an upward movement. Intra-day we consider buying a very moderate risk on the level of 1491.00
Gold forecast today FORTFS