Gold: October 31 review
US -China trade deal reached doubt conditions due to uncertainty at Chile. Chinese authority given blame to Trump’s comments. Due to civil war conditions at Chile, phase 1 solutions will be reached in unexpected zone.
US Fed reserve cut its rate to 0.25 basis points of 1.50% to 1.75% yesterday.
As per latest uncertainty in Chile also given slightly impact for precious metals like Gold and Silver.
Gold prices made a low almost $1483.45 range yesterday after release Fed data and washed out all profit yesterday. Traders also keep an eye continue to $1510+ in Gold today.
We will expect some positive news this week regarding US-China trade deal from US sides.
Gold futures, December contract traded $1510.00 range, +0.91% up at early US hours.
By 7.10 AM ET, Dow 30 futures, December contract traded -82 points, down 0.29%.
All Asian and European futures traded flat to negative today due to uncertainty of trade war tensions. Before US bell rang, US dollar index futures, December contract traded $97.050 range, -0.42% down against all major currencies.
Expectation of profit booking in Hedge funds like Gold and Silver in this week.
For intraday and weekly strategy for Gold given below.
Entry point – $1510.00 – $1512.50
And keep R1 $1524.90
And wait S1 $1492.00
And wait S2 $1488.00
And wait S3 $1482.00