Gold analysis – 22 Nov 2019


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By: Ahura Chalki

Slowing down after USD gaining!

Gold still could not clear its direction due to a lack of information about trade talks, amid mixed relations between these two largest economies of the world. Since the market is waiting for any clear news, the Risk-off situation is rising a bit, which helped the DXY also to get back on its fits and cover the loss of previous days. US30, US100, and US 500, all are losing the ground for the third day in a row, today they are losing by – 0.20%, – 0.24 and – 0.16%, respectively. Yesterday the Wall Street Journal reported that “China has invited top U.S. trade negotiators for a new round of face-to-face talks in Beijing and adding Beijing hopes the round of talks can take place before next Thursday’s Thanksgiving holiday in the United States.”, the news which brought more pressures on Gold price. For today and as long as there is no clear information about main topic, which may move the price, economic calendar by German GDP and Manufacturing PMI, Eurozone Service and Manufacturing PMI along with Manufacturing and Service PMI from the US will be in the spotlight.

Technical Analysis:

In the H4 chart, technical indicators mostly remain of more bearish, while in the H1 chart, still they have mixed signals. In the H4 chart, price moves between the middle and lower band of BB, with the negative signal, while the Renko chart also has the red Brick. Heiken Ashi candles still are red and supporting the more bears. Breathing $1481(50% of Fibo) will be the key level for more bulls while breaching $1461(236. % of Fibo) can support the bears.

Pivot point: 1466.66

Resistance level: 1470.96 / 1479.88

Support levels: 1457.75 / 1453.45

Today the expected trading range is between 1453.45support and 1479.88 resistance.

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