Short

Gold (Clockwise Pattern) with commentary

GOLD struck a high of 1475 and a low of 1462 on Friday. Prices of the safe-haven gold fell on Monday in Asia amid speculation that the U.S. and China will soon sign a partial trade deal. Gold Futures for December delivery were down 0.2% to $1,466.25. Improved investor sentiment were cited as a headwind for the yellow metal today. Xinhua, Chinese state media, reported that high level officials from China and the U.S. discussed about a phase-one trade deal in a phone call Saturday morning. The two nations had “constructive discussions” about “each other’s core concerns,” the article said. The USTR confirmed the call took place. “The signing of the trade deal will likely provide another trigger to sell gold, investors should also consider how the U.S.-China relationship will move beyond the phase-one deal, which may be affected by developments surrounding Hong Kong and Huawei, and could impact gold prices,” said Jateen Trivedi, senior research analyst at LKP Securities Ltd.

Resistance 1: 1467
Resistance 2: 1480
Resistance 3: 1485

Support 1: 1455
Support 2: 1450
Support 3: 1440

CURRENT PRICE 1463
PIVOT POINT/TREND CHANGING PRICE
1467
RECOMMENDATI ON
Sell from current price 1463 till Support 1,2 & 3 & if price breaks Pivot 1467 then Buy Gold till Resistance 2&3.

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