Brexit is expected to usher in new developments, gold prices rose within a narrow range

Original caption: Brexit expected to usher in new yellow progressGold priceGrid narrow ascending font: Internet content integration

On Monday (November 23), the price of gold rose slightly. At press time, gold was trading at $ 1,872.94 an ounce, an increase of 0.13%.

Currently, the Brexit transition period is coming to an end and the way the UK will conduct business with other countries has become the focus of the market. In addition to negotiating with the European Union, the UK is also conducting trade negotiations with many allies. On November 21 local time, it was reported from the UK that the UK and Canada reached a continuation trade agreement to ensure that trade relations between the two countries remain stable after the end of the transition period for “Brexit” British.

The Brexit transition period is coming to an end

On November 21 local time, the UK reached a continuation trade agreement with Canada to ensure that the trade relationship between the two countries remains stable after the British “Brexit” transition period.

The UK Department for International Trade stated in a statement that the continuation of the existing business relationship would mean “providing certainty” for trade in goods and services worth £ 20 billion (1 pound equivalent to US $ 1.33) between Great Britain and Canada. The Trans-Pacific Progressive Partnership Agreement (CPTPP) takes a step forward. The statement said the current agreement “paved the way” for the two countries to negotiate a new Anglo-Canadian trade agreement next year. The new agreement is expected to make progress in digital trade, environmental protection and the economic empowerment of women.

Britain officially “Brexit” on January 31 this year, and has since entered an 11-month transition period. The “Brexit” transition period will end at the end of this year. In September this year, senior British trade officials and chief negotiators from the 11 CPTPP member states held a “preparatory dialogue” to discuss the possibility of Britain joining the deal and other issues. In October this year, the UK and Japan formally signed the Comprehensive Economic Partnership Agreement (EPA), which was the first major trade agreement signed by the UK after Brexit.

Last week, the price of gold fell to the position of 1850 but did not break the position. Last Friday, the price of gold moved higher but stopped at the key point of resistance. Still optimistic about the 1850 breakout. The 1899 anti-drawing has eliminated most of the short positions below 1890. Three 1850 tests are not yet broken, and a large portion of the shorts adjusted their thinking and began to trust in 1850 to open more and bullish.

The price of gold was based on the previous rising trend line of the previous 1850 low to break the market last Thursday, and the high point of the anti-drawing last Friday crossed the position where the anti-drawing confirmed the resistance of the trend line, but relying on 1899 as the high point. The downward trend line pressure is still effective. Combined with results that did not continue past Friday’s high, today’s gold remains at 1878 and remains bearish. The key resistance from 1885 above can be used as a defense. The market outlook stabilizes after 1885 before considering adjustments. At the same time, if the market breaks below 1850, the idea of ​​accelerating the downtrend remains unchanged.

According to the Jintou.com Gold Market Center, at 11:13 a.m. Beijing time, today’s gold spot price was reported at $ 1,873.50 an ounce.