Gold: October 18 review
It’s fantastic Friday today - safe-haven demand will melt sharply today
Gold prices digest positive news for US-China trade deal, Brexit story and Turkey agreed for ceasefire yesterday.
Gold futures, December contract traded, $1496.50 range, down -0.25% at early European hours after made a high $1501.05 range yesterday.
According to latest Chinese authority news that both sides can continue to work together and will see positive news as soon as possible.
Today's negative Chinese GDP data should give positive impact for safe heaven demands. We will expect more positive news for US side regarding Trade deal between two leading countries.
All Asian and European stocks traded flat today.
For this month's, Chances of Fed rate cut decision to above +85% compared to 70% on few days ago also given negative sign of hedge funds like Gold and Silver.
By 06.30AM BST, US Dollar Index futures, December contract traded $97.333 range, up +0.12
Before Bell rang, Expectation of profit booking and for intraday strategy for Gold given below.
Entry point - $1496.50-$1499.00 range
And keep R1 $1507.90
And wait S1 $1481.00
And wait S2 $1472.00
And wait S3 $1458.00