24 Sep Gold Quotes Feel Pressure Against Thaw Between US And China
Gold continues to lose ground against the US dollar amid the prospect of resolving the conflict between the two strongest economies in the world.
As it became known, on October 10-11, between the United States and China, an agreement could be reached between Donald Trump and Xi Jinping on the issue of trade relations.
The prospect of the end of the Trade War is increasing demand for the US dollar and risky assets, in anticipation of an increase in the supply of agricultural products from the US to China.
Gold quotes left the boundaries of the uptrend after the formation of a downtrend at the level of 1532.90, continuing the formation of the “failed swing” pattern.
Nevertheless, the price of the asset still remains above the support level of 1487.70, while maintaining the prospect of quotations returning to the resistance level of 1553.50.
Short positions should be considered only in case of a breakthrough of the level of 1487.70, confirming the completion of the formation of the “failed swing” figure.
Amid the strengthening of the US dollar against a basket of major currencies, Bitcoin continues to lose ground, falling below the support level of 9400.
With the start of trading on September 27, BTC/USD quotes are near the support level of 7600, while maintaining the negative dynamics of trading.
An asset purchase can be considered in the event of a rebound from support for 7600, while we recommend resuming sales no earlier than the price passes the aforementioned level.
Important: this review is not a recommendation or a direct or indirect call to action, being for informational purposes only.