Gold rebounded 0.3% $1,557 an ounce. The safe-haven-metal prices slightly rose due to speculation of the impossible success of the Sino-US trade deal that was signed last week. As well as, the gold failed to respond to the power play in Libya and protests in Iraq due to the broad US dollar strength.
The yellow metal firstly dropped as China agreed to purchase at least $200 billion worth of US goods over the next two years last week, but recovered some of its losses as analysts began to question the potential success of the deal, and the uncertainties of the trade war happening with both nations.
|
Support |
Pivot Point |
Resistance |
|
1553.85 |
1557.59 |
1561.06 |
|
1550.38 |
1564.81 |
|
|
1543.16 |
1572.02 |
Technically, the XAU/USD prices are holding in the sideways range, having immediate support around 1,556, which marks 38.2% Fibonacci retracement level. On the higher side, gold may find resistance around 1,561. We can trade sideways until the choppy session is violated.
Gold - XAU/USD - Trade Setup
Gold Sell Below 1,561
Take Profit 1,557/55
Stop Loss 1,564
Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.
Recommended Content
Editors’ Picks
EUR/USD holds on to intraday gains after upbeat US data
EUR/USD remains in positive ground on Friday, as profit-taking hit the US Dollar ahead of the weekend. Still, Powell's hawkish shift and upbeat United States data keeps the Greenback on the bullish path.
GBP/USD pressured near weekly lows
GBP/USD failed to retain UK data-inspired gains and trades near its weekly low of 1.2629 heading into the weekend. The US Dollar resumes its advance after correcting extreme overbought conditions against major rivals.
Gold stabilizes after bouncing off 100-day moving average
Gold trades little changed on Friday, holding steady in the $2,560s after making a slight recovery from the two-month lows reached on the previous day. A stronger US Dollar continues to put pressure on Gold since it is mainly priced and traded in the US currency.
Bitcoin to 100k or pullback to 78k?
Bitcoin and Ethereum showed a modest recovery on Friday following Thursday's downturn, yet momentum indicators suggest continuing the decline as signs of bull exhaustion emerge. Ripple is approaching a key resistance level, with a potential rejection likely leading to a decline ahead.
Week ahead: Preliminary November PMIs to catch the market’s attention
With the dust from the US elections slowly settling down, the week is about to reach its end and we have a look at what next week’s calendar has in store for the markets. On the monetary front, a number of policymakers from various central banks are scheduled to speak.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.