GOLD Spot technical analysis 12.11.2019

Gold remains under pressure due to the decreasing demand for defensive assets, nearing the low of October 1st of this year. This trend will continue in the short term, if Donald Trump makes positive remarks concerning a new US-China trade deal at the Economic Club of New York today.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is located in the oversold zone and gradually decreases. Stoch are also reduced.

Trading recommendations:

Sell gold either on a pullback from 1458.70, or after the price drops below the level of 1448.65 with local targets of 1444.50 and 1436.85