Gold
Brexit issue is still unsolved and every alternate day we are hearing some news or some rumors about this issue. Every single day we have this time when someone tweets or says regarding brexit and market throws all technical levels into the dump and react on the news. Its been nearly two weeks we are seeing this constant coverage on Brexit.
It seems England dont want to resolve this issue as every time there is vote or any other formality it result in zero. Even yesterday MP rejected PM’s proposal to conclude the matter in next 7 days or by 31st October. They want to drag this issue and god knows how long we will have to carry this uncertainty.
UK’s PM Borris already cleared that he will propose elections if MP didn’t vote on his proposal. So now we are waiting from his side to announce fresh election. Now UK’s public will feel the heat as elections are costly affair and more importantly there is no deadline when will UK leave the European Union.
For some reasons UK’s politician wants to keep dragging this issue and want to pass the time. They do not have any clear road map what exactly are their demands or why they are stalling the whole process. They just want time and more time. Now we need to see when Borris announce new election date but I am sure Brexit is not going to solve at least in 2019. So keep an eye on Brexit issue its extremely important factor which is influencing market nowdays.
Gold is trading at 1489$ after making lows near 1480-82$ yesterday. Good support in this precious metal stands at 1480$. If trader breaks and sustain below 1480$. Then expect more pressure in xauusd till 1472$- 1460$.
Resistance in gold chart stands at 1491$. If trader breaks and sustain above 1491$. Then expect good rise in gold till 1499$- 1508$.
Conclusion: Gold market is still facing uncertainty so avoid taking big positions. Keep an eye on world events which may cause market disruption. Nowdays markets are running on news more than technical. Dollar Index which used to be a good indicator of gold also confusing in terms of movement. Its also stuck in a small range since Monday.
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