MCX Gold Yellow metal traded lower on Monday and recovered from the lower levels as the two dragon economies are still in discussions for ‘deal or no deal. Discussions of a likely “phase one” agreement amongst the US & China ruled the market, assessing on the precious metal which is comprehended as a safe-haven asset. The trade deal was still promising by the end of this year and the first phase of the contract was being placed to paper, rendering by Kellyanne Conway, a senior adviser to U.S. President Donald Trump. There’s an enhanced coincidental we will get a ‘phase one, scrawny deal, mainly because both presidents, Trump and Xi, essential this for local governmental causes. The scenarios of a trade deal persist uncertain as well. President Trump said on Monday that the signing last week of double portions of regulation in the US that provision activists in Hong Kong would not make discussions stress-free, even though China still desires an agreement.
MCX Gold gave movement of almost 1000 points on last day. Gold opened at 37717 made a high of 38028 and made a low of 37100 but after that it managed to recover again and closed at 37952 level. It is trading above 10 & 20 daily moving average on hourly chart. MACD is around 25 level and RSI is currently at 50.98 levels which indicates no divergence. It seems like until & unless deal will be signed it won’t close below or above the range of 37500 & 38600.