Gold Analysis 25.11.2019

Gold futures fluctuated in a narrow, bullish range during the Asian session, shrugging off the US dollar index rebounding from its lowest level since November 5, according to their inverse relationship on the eve of the upcoming Federal Reserve Governor Jerome Powell speech in Rhode Island today. Monday In the wake of developments in Hong Kong and in the shadow of the developments of the trade war between Washington and Beijing, which exceeded its first year recently.

At 04:58 AM GMT gold futures for February delivery rose 0.04% to trade at $ 1,468.10 an ounce compared to the opening at $ 1,467.50 an ounce, knowing that the contracts started the session on a falling price gap after the close of the week Last at $ 1,470.50 an ounce, while the US dollar index rose 0.01% to 98.27 compared to the opening at 98.26.

On Sunday, we watched the end of Hong Kong's provincial council elections, which reflected a landslide victory for pro-democracy candidates amid record voter turnout there, Reuters reported, following the recent unrest that has overshadowed the trade war. Between Beijing and Washington recently.

In view of the developments in the US-China trade war, we followed up on Saturday. US National Security Adviser Robert O'Brien said it is possible to reach a trade agreement with China by the end of this year. $ 156 billion by December 15 will either freeze its decision until further notice.

US National Security Adviser O'Brien warned that his country would not turn a blind eye to what is happening in Hong Kong. In return, in the latest move by China to ease trade tensions, Beijing announced it would lift sanctions on property violations. US President Donald Trump said Friday he was "very close" to the trade deal.

Technical Analysis

Gold is showing a slight bearish bias to gradually creep towards our awaited target at 1447.00, where it is affected by the already completed upside wedge pattern, awaiting further downside for today, organized within the descending channel shown on the chart above.

Therefore, the bearish scenario will remain valid and effective over the coming period, noting that breaching 1489.00 will stop the expected decline and lead the price to regain the main bullish path again.

Expected trading range for today is between 1440.00 support and 1470.00 resistance.

Expected trend for today: Bearish.