Gold moves lower as stocks push higher - Risk on mode is fully kicking in today

Its risk-on mode as equities rise and gold sinks to lows.
Earlier in the session there was good news on the trade war front.

Rajan Dhall, MSTA FX Daily

Gold has sunk to print just under USD 1480 per ounce to trade around 0.90% lower as risk-on market conditions prevail.

The US and China could be looking at a pause and even a removal of tariffs to push the phase one deal through.

It has been said that the White House are still working on the assumption that the phase one deal could be signed this month.

This is contrary to Reuters reports that the deal will be signed at the NATO summit in London on 4th December.

Today the S&P 500 is 0.50% higher trading at 3094.2 and most safe havens have fallen south.

USD/JPY, USD/CHF and bond yields have risen, while gold slumps to lows not seen since 1st October.

Chart analysis

The support level on the 4-hour chart below has now been taken out as the bearishness continues.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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