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Gold Weekly Outlook: December 31 - 04 Jan 2019

Release Time:2018-12-31 08:12


Market Commentary

Gold prices edged down on today in Asia as U.S. President Donald Trump sent positive signals to ease U.S.-China tensions, undermining the appeal of the safe-haven asset.

On Saturday, Trump said in his tweets that negotiations are “moving very well” and “big progress” has been made. He also cited a “very good call” with Chinese President Xi Jinping on Saturday. In response, Xi said both countries are looking for “stable progress.”

Entering a new year, market watchers will continue to follow closely the trade talks between China and the U.S. to look for cues, and Congress will reconvene after the holidays to address the partial government shutdown on January 4.


Technical Commentary

Good strength will be maintained till it does not close below 1255

MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE:: 1266-1255-1236-1225-1215-1195- 1180-1153-1120-1045

MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 1284-1298-1310