We started the week with a pressure on Gold and the increased risk appetite in global markets. Optimistic statements of both sides about the US - China trade relations led to the selling pressure on the precious metal. Eventually the Chinese Foreign Ministry's announcement that an agreement will be reached with the U.S. in the interest of both countries, led to a retreat to $ 1508 level. Movements below $ 1508 level could be decisive in the continuation of downward movements and increase the selling pressure on Gold and thus, led to a decline to $ 1503 - 1495 levels. $ 1514 resistance level will be on our radar for possible purchases in response.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.