Bidding on Monday gold ended in the red zone, -0.4%. Pressure on prices had a positive comments from the White House on the progress of trade negotiations between the US and China. US Trade Representative Robert Laythayzer noted that the first phase of the negotiations should be completed by the APEC summit on November 16-17. He noted progress in the trade negotiations and Donald Trump. According to him, the agreement has to take shape. These statements are somewhat increased risk appetite.
In general, it is worth noting that the current week will be very busy in terms of corporate reporting in the US. While the results of the Company for the third quarter largely surpassed the expectations of experts, so the demand for protective assets decreases.
Today, most likely, the market will continue to experience a shortage of important news. The main event of the day will be a vote in the British Parliament on a new bill on Brexit.
On the chart is still current price channel 1475.00-1495.00. Today, as part of the outset we can expect further development of the downward movement to the level of 1475.00.
Levels of resistance: 1495.00, 1510.00, 1525.00;
Support levels: 1475.00, 1460.00, 1435.00.
The main scenario - decline to 1475.00.
Alternative Scenario - consolidation above 1495.00 and rising to 1510.00.
The market is dominated by locally moderately negative news background. In the graph formed outset 1475.00-1495.00. We consider selling levels of 1485.00 and 1495.00 (this option is preferred).
XAUUSD gold forecast today FORTFS