get_geodata_regions(); Gold Trades Bearish Over Ease in Safe Haven Appeal – Quick Trade Plan Today - Forex News by FX Leaders
Gold - 4 Hour Chart

Gold Trades Bearish Over Ease in Safe Haven Appeal – Quick Trade Plan Today

Posted Tuesday, November 5, 2019 by
Arslan Butt • 1 min read

During the Asian session, the safe-haven-metal prices dropped due to an ease in tensions in the United States and China trade war. The United States and China hinted during the last week that progress had been made towards the trade deal, and the US officials said that a deal could be signed during this month.
It should be noted that not only the positive comments from the United States and Chinese officials but weekend the United States administration plan to remove some tariffs on Chinese goods are supporting the existing risk-on sentiment. However, this boosts the chances of an incomplete trade deal between the United States and China.

According to reports, Chinese leader Xi Jinping will likely travel to the United States to sign the deal. Moreover, the sentiment got an additional boost after the United States Commerce Secretary Wilbur Ross indicated removing the existing ban on the US companies selling to Chinese telecoms Huawei.
The decline in GOLD prices today came because major stock markets in Asia traded in the green. Japan’s NIKKEI225 surged almost 2%, while Chinese stocks increased around 0.6%.

Gold - 4 Hour Chart
Gold – 4 Hour Chart


Daily Support and Resistance
S3 1488.96
S2 1499.34
S1 1504.56
Pivot Point 1509.72
R1 1514.94
R2 1520.1
R3 1530.48
Gold – XAU/USD – Forex Trading Signal
Gold continues to trade in line with our forecast. The bearish bias below 1,514 level has increased, and gold has formed a bearish engulfing pattern in the 4-hour chart, which is suggesting chances of further sell-off.
Gold has already violated the support level of 1,507, and below this, gold prices may extend sell-off until 1,502. In case gold breaks the 1,502 level, we may see next support around 1,497 area. The bearish bias remains stronger below 1,507 today.
Good luck!

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