Gold Price Prediction – Prices Rise as Chinese Delegation Skips Farm Trip to Montana

Trade issue buoy gold prices
David Becker
Gold daily chart, September 19, 2019

Gold prices moved higher on Friday as headline risk continues to be the market mover. Trade developments buoyed safe haven assets like as a Chinese delegation canceled a visit to US farms in Montana. US yields moved slightly lower and the dollar traded sideways, down slightly. Trade will likely continue to be the driver of safe-haven assets, as there has been little fallout from the attacks on several Saudi oil facilities last weekend.

Trade gold with FXTM

Regulated By:CySEC, FCA, FSC

Foundation Year:2011

Headquarters:FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus

Min Deposit:$10

Visit Broker

90% of retail CFD accounts lose money

90% of retail CFD accounts lose money

 

Technical Analysis

Gold prices moved higher recapturing resistance which is now seen as short-term support near the 10-day moving average at 1,496. Additional support is the 50-day moving average at 1,483. Resistance on the yellow metal is seen near the September highs at 1,531. Short term momentum has turned positive as the fast stochastic generated a crossover buy signal in oversold territory. The upward trajectory of the fast stochastic points to rising momentum. Medium-term momentum is turning, as it appears the MACD (moving average convergence divergence) will generate a buy signal if prices continue to trend.

Chinese Delegation Cancels on Farmers

A Chinese delegation canceled a visit to US farms in Montana according to the Montana Farm Bureau. President Donald Trump had said China would increase its purchases of US agricultural products as part of a bilateral trade deal. The cancellation may be seen by some investors as a sign the two countries are far apart on a trade deal. A trade deal is likely the only piece of news that will lift riskier assets. Trade will continue to be the tail that wags the dog. Even if an initial agreement was signed between the US and China, one tweet by President Trump could generate volatility in the markets.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US