Gold Analysis 26.11.2018

Gold futures fell during the US session last Friday to form weekly losses amid resumption of the decline of the dollar index from the lowest since November 7 for the second session in four sessions.

Gold futures for December delivery fell 0.50% to close at $ 1,222.30 per ounce, compared to the opening at $ 1,228.00 per ounce, reaching a low of 1219.70, while the US dollar index rose 0.17% to 96.87. Rebound from its 2-week low against the opening at 96.71.

US President Donald Trump and his Chinese counterpart, Xi Jinping, are expected to meet on the sidelines of the Group of 20 summit in Argentina this week amid market hopes of reaching a trade deal and resolving recent trade tensions among the world's biggest economists, warning of a global trade war in trade protectionism. The US administration has recently been pursuing with all the countries of the world, headed by China.

Technical analysis:

Gold tested the support level last Friday and failed to break it, keeping the bullish trend. Gold is currently trading above SMA 50 while the resistance. The bullish trend is reinforced by breaking the price for this level.

Note that the Stochastic indicator gives bullish cross signals and this strengthens the bullish path.

The trading range for today is among the 1221 support and 1228 resistance.

Support and resistance:

Support: 1221.00-1216.00-1211.40-1208.6;

Resistance: 1228.00-1232.40-1238.30.

The overall trend is bullish.