Gold Price News and Forecast: Gold depreciates on possible US-China trade agreement
|British Pound appreciates on UK Parliamentary Elections results
On Thursday, December 12, the British Pound appreciated 464 pips or 3.56% against the US Dollar.
The advance was driven by the UK Parliamentary Elections. Prime Minister Boris Johnson's Conservative Party won 364 seats. This is the biggest victory of the Conservatives since Margaret Thatcher.
The Prime Minister promised that the UK government would get Brexit done on time on January 31. However, analysts think that the government would try to keep a no-deal Brexit option for as long as possible to reach the trade agreement with the EU.
Gold: a break below 1454 targets 1450 and 1445
Gold and Silver Spot
Gold trading in a bull flag formation & topped almost exactly at the selling opportunity at 1488/90.
Silver longs at important support at 1655/50 are working perfectly on the recovery to 1712 but we unexpectedly collapsed back to 1674.
Daily Analysis
Gold crashed from just below 1487 to 1462. Minor resistance at 1471/73 but above here 1475 targets 1478/80, perhaps as far as 1484. Try shorts at 1488/90 with stops above 1492. A break higher (& close above for confirmation) is an important medium term buy signal. Read more...
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