Gold Prices Rejected at $1,476 as Trade Tensions Failed to Attract Bids

Gold prices trade slightly lower today after the US Senate passed legislation supporting Hong Kong protesters warning China about human rights, a move that will complicate Sino-US trade negotiations and might delay the interim deal until the next year. Fed policy meeting minutes released yesterday offered little guidance about Feds next move, but It was clear that after three rate cut in 2019, Fed is not looking for any further cut in the December meeting.

The ECB meeting minutes will be released later today, but, analysts don’t expect any market-moving news from the minutes.

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Gold Resistance and Support

The gold price in dollar rejected yesterday for one more day at the $1,476 area and retreated below 1,470 a move that questions the rebound that started the previous week from three-month lows. Gold formed a Doji candlestick yesterday that signals a correction. Gold is trading below the 100-day moving average for eleven consecutive trading sessions that give bears the upper hand.

Gold will get support at $1,469.42 today’s low while the low from yesterday at 1,465 will attract some bids. A clearance of that level might attract more bears and can push the gold price down to $1,445 the low from November 12th.More content