Gold Analysis 29.11.2019

Gold futures fluctuated in a narrow, bullish range during the Asian session to see a rebound for the second session in three of the lowest since November 12, when it tested the lowest since August 2 amid the rebound of the US dollar index for the third session of the The highest since November 13, when the highest since October 15 was tested according to their inverse relationship amid the lack of economic data on Friday by the US economy and with tensions over Hong Kong.

At 04:57 AM GMT gold futures for February delivery rose 0.23% to trade at $ 1,464.50 an ounce compared with the opening at $ 1,461.20 an ounce, knowing that the contracts started the session on a bullish price gap after yesterday's trading ended At $ 1,460.80 an ounce, with the US dollar index down 0.04% to 98.31 compared to the opening at 98.35.

On Thursday, we followed the Chinese Foreign Ministry's remarks that Washington has "evil intentions", stating that the US bill supporting Hong Kong protesters will face strong countermeasures and that the US should repeal the new bill. This is a strong interference in China's internal affairs and the US ambassador has been summoned to formally denounce it.

This came hours after US President Donald Trump on Wednesday signed a bill supporting Hong Kong protesters, raising investor concerns about the chances of resolving trade disputes between the United States and China and reaching an interim trade agreement before December 15. Washington is set to impose 15 percent additional tariffs on Chinese goods worth $ 160 billion.

Yesterday, Japanese Prime Minister Shinzo Abe said Japan is in contact with the United States and South Korea to discuss the situation in North Korea, noting that the missiles launched by Japan are a major threat to Japan and the international community. Hours after the report that North Korea fired two ballistic missiles, there was no indication that the missiles hit Japan.

On the other hand, yesterday we followed the approval of the European Parliament to increase EU imports of American meat, which may reduce trade tensions between Washington and Brussels, knowing that European lawmakers have criticized the tariffs imposed by the US administration on imports of metals and threatening the president American Trump imposes tariffs on cars and auto parts received for his country from the Union.

Otherwise, British Prime Minister Boris Johnson said yesterday that his ruling party, currently in parliamentary elections on the threshold of resuming negotiations on Brexit, would not sign a trade deal with the United States if President Trump insists US companies should be allowed to interfere in Health care services in Britain.

British Prime Minister Johnson also noted that it would be stupid to negotiate allowing US companies to intervene in Britain's healthcare services, hours after Labor leader Jeremy Corbyn accused the British prime minister of planning a deal with the US president to allow US companies to interfere in health services. UK amid the upcoming British parliamentary elections in the first half of next month.

European Council President Donald Tusk said Wednesday that US President Trump may be the biggest challenge facing the eurozone, as the latter wants the collapse of the European Union, noting that Trump welcomed the departure of Britain to the EU, and he always raises questions about the importance of NATO NATO and other alliances, adding that for the first time in history comes an American president who opposes European unity.

In the same vein, we also followed on Wednesday the European Union's chief negotiator, Michel Barnier, who said he would give the highest priority to negotiations on a trade agreement with the UK after Britain leaves the EU. Britain will join the union on January 31 and that they must reach a trade agreement in that period before the end of 2020.

Technical Analysis

Gold is testing the resistance of the bearish intraday channel shown on the chart, and then SMA 50 meets to add more strength to it, while Stochastic is losing its positive momentum to reach overbought areas.

Therefore, these factors encourage us to favor the bearishness of the upcoming period, which targets start at 1447.00 and extends to 1413.10 after breaking the previous level, noting that breaching 1460.00 will stop the suggested decline and push the price for temporary intraday gains aiming to test 1489.00 before any new negative attempt. .

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

Expected trend for today: Bearish.