Tuesday, October 22, 2019

GOLD

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Fundamental Highlights

Gold prices inch down as US and China make progress on trade negotiations. US President Donald Trump said during a Cabinet meeting at the White House that China has begun buying American agriculture products. “I want more,” he added. Le Yucheng, China’s Vice Foreign Minister, said the two sides have achieved some progress in trade negotiations. “The world wants China and the United States to end their trade war,” he said. Meanwhile, White House economic advisor Larry Kudlow told Fox Business yesterday that a new tariff increase scheduled for December could be scrapped if talks continue to progress well.

Technical Analysis

Gold prices are still trading in the same range since last week as bulls still trying to seek for a run towards the $1500 handle despite prices edging lower during yesterday’s session. The price is currently trading just below the $1486.98 resistance level level as the momentum is still in the neutral to bullish territory. We will be focusing on the upside if the price breaks above the $1494.87 resistance level with the upper band on our watch.

Support: 1474.99/ 1456.93
Resistance: 1486.98/ 1494.87

Chart (H4)
XAUUSD