Gold: November 13 review
Gold prices will again flash in limelight after Trump's comment for the trade deal.
In Commodities, Gold prices are trading continue below $1475 range as per today after last week's US-China trade dispute resolution's positive signal.
Gold prices were trading in $1446.25 range and made almost 3 months low yesterday. But all the profit was gone today due to Hong Kong protests and uncertainty between the world's two leading economies.
All Asian stock markets are trading negative today and Hang Seng was down more than -2.40% in early European sessions.
We will hope that US-China will "soon" sign the trade deals and clear phase 1 situation. And it could be the catalyst for the negative trend of Hedge funds like Gold and Silver.
Hedge funds and US dollars have traded in opposite directions at this time of uncertainty and trade war tensions as a non-yielding asset.
Dow 30 futures, December contract was trading -120 points, -0.41% down at early US hours.
The comments from Trump yesterday regarding trade deals that they should accept it if it will be beneficial for the United States and its companies. Traders will also keep an eye on today's Fed Chairman comments for next rate decisions.
Last week Trump said that he had not agreed to end tariffs on Chinese goods but also said that will see positive relief for both sides as soon as possible.
Before US bell rang, By 06.45 AM ET, Gold futures, December contract traded around $1466.50 range, +0.90% up.
Saudi oil giant Aramco has also confirmed the launch of its IPO in next week.
For intraday and STBT strategy for Gold is given below.
Entry point - $1466.50 - $1468.00
And keep R1 $1478.00And wait S1 $1445.00
And wait S2 $1442.00
And wait S3 $1435.00