Gold rejected prices below the level of $ 1,450 and rebounded by $ 30 up. If the price breaks the mark of $ 1490, it will be possible to consider that the correction has completed, and there is yet another wave of growth ahead - to the levels of 1800-1900 dollars per ounce.

President Trump said the other day that a trade deal with China could be delayed after the US election. The markets reacted sharply to this - the American Dow Jones collapsed by almost 800 points on this news, and the price of gold shot up + 2%.

Of course, bluffing and aggravation and impulsiveness are quite in Trump's style, in terms of conducting any negotiations, and all his statements cannot be taken at 100% at face value. For this, by the way, they don’t really like him. But there is another thing: Trump - unlike, by the way, the majority of professional career politicians (whom he is not, having come to his post from business) - does not rush into words and scrupulously fulfills his promises, one after another. An amazing and extremely rare quality in politics.

We assumed that the correction on gold will last until the first decade of December, and this week the outcome of the events should have come - further down (below $ 1,450), or now up. Most likely, the denouement has already arrived, and prices below $ 1450 should not be expected. Confirmation of this may occur when the price of gold fixes above $ 1490 per ounce. While this confirmation is not available, the probability of one more thing remains - the final price fall by $ 1,400-1420. We learn that gold finally entered a new growth trend when the price breaks the psychologically important mark of $ 1,500 and surpasses the October highs in the area of ​​$ 1,515-1520 per ounce.

The main doubts that gold completed the correction are connected only with the fact that speculative positions on the exchange are still relatively large: as a rule, each correction / drop in the price of gold ends with a sharp reduction. But it is quite possible that these levels are now a “new normality,” or rather, a new minimum, and the size of these positions is also in the growth trend, as is the price. So far, it can be stated that the price rebounded from the level of strong support of $ 1450 and entered the zone of local resistance of $ 1475-1490, which was an area of ​​strong support all October.

However, this is all the little things and nuances against the background of what we need to prepare for in 2020: this is a year of exacerbation of global instability and the US presidential election. Michael Bloomberg and most likely Hillary Clinton will soon enter the presidential race. These elections will be the most fierce in the last many decades - since the Kennedy presidency: the confrontation is so great that the losing side is likely to not accept the election results.

Aggravation of political struggle and global uncertainty will push the price of gold up - and we expect the price to test the level of $ 1900 closer to the end of the US presidential election. So far, the so-called “bull flag” is being drawn on the gold chart - a correction / consolidation figure, usually followed by another powerful growth phase.