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By: Ahura Chalki
Can’t afford to lose, is there still Risk?
Markets in Asia, the EU, and the US, all flat or down from their recent historical / intraday high. There are many reasons for that. New year eve is coming and usually, before new year holidays there are nor much desire for new investment, on the other hand, in Brexit front, no-deal Brexit risk came back to the table, as “UK PM Boris Johnson announced readiness to step out of the European Union (EU) with the transition period not extending beyond 2020” (Daily Mail), which sent GBP much lower, as well as UK100. Trade talks, with all respect and hopes, still very sensitive and can be gone any moment, markets just pricing so much on the positive side and it raises the risks in the markets. Pre-new-year holiday and uncertain trade talks, gold seems wants to stay in the safe side for now, as the safe-haven symbols are still in a bid!
In the past two trading days, since the beginning of this week, yellow metal trading in a very narrow range of $1474 – $1480. Technical indicators have mixed signals, mostly supporting the side movement with bullish interest, however breaking the $1474 with confirmation at $1469 can bring the bears back and breathing the $1478/9 with confirmation at $1484, can confirm the bulls uptrend.
Pivot point: 1476.67
Resistance levels: 1479.18 / 1482.96
Support levels: 1472.90 / 1470.39
Today, the expected trading range is between 1470.39 support and 1482.96 resistance.
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