Gold analysis – 4 Dec 2019

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By: Ahura Chalki

Testing December high as global risk grows!

Trump Administration Considered Banning Huawei from the U.S. Banking System (Investing.com), the news came right after that “Washington Post” quote from Trump: “In some ways, I like the idea of waiting until after the election for the China deal, but they want to make a deal now and we will see whether or not the deal is going to be right,”. Stocks mostly were red, Dow 30 lost 1.01%, US100 -0.55, USA500 -0.66%, while in the Asian Nikkei trading -0.98%, Hong Kong -.1.15% and Shanghai -0.37%. Mixed economic data by now with negative GDP in Australia and better than expected Caixin Services PMI (Nov) in China. The market is so worry at the moment if scheduled tariffs on December 15, as the US secretory mentioned overnight that it can take a place if they cannot get to the point with Chinese in the next days. Today with ADP Nonfarm Employment Change and ISM Non-Manufacturing PMI from the US, the market is preparing itself for NFP data on Friday.

Technical analysis:

After confirmation in the H1 and H4 charts, in the Daily chart also technical indicators returned to the positive side. RSI could pass the 50-level and now moves at 54. The same positive signal also we are getting from Stochastic and Parabolic SAR. 50 D-EMA at 1483 is key resistance at the moment, while 20 D-EMA at 1465 is key support.

Pivot point: 1474.05

Resistance levels: 1488.46 / 1496.15

Support levels: 1466.37 / 1451.96

Today the expected trading range is between 1466.37 support and 1488.46 resistance.


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