In the Ounce gold prices, which started a little weak in the new week, the negative impact of the rise in US 10-year bond rates to 1.62 percent was closely felt. In addition, US Treasury Secretary Steven Mnuchin stated that progress in the negotiations between the US and China has made progress and risk appetite in the markets increased. In addition, a second rejection of the snap election request on the UK side and the adoption of the bill preventing the no-deal Brexit by the House of Lords alleviated the Brexit concerns in the markets to some extent. However, it was important that British Prime Minister Boris Johnson, who was very insistent on October 31, announced that he would not demand any postponement if the agreement was not reached. 

It was also important that the Bank of England Governor Carney stated today that Brexit would, by its nature, affect the monetary conditions in the UK, but that the negative interest rate is not on the agenda for the time being. In addition, Carney said Brexit is expected to affect the growth outlook to weaken and increase inflation. On the other hand, monetary easing messages coming from central banks around the world have increased following the expectation of 25 basis points interest rate cut on the Fed. The Fed's interest rate cut expectation strengthened as the employment report pointed to weakness, especially on the US side. In addition, we see weak demand for safe havens in the markets as Fed President Powell says there are no signs of recession concerns at this time. In light of this information, the upward trend in gold prices, which has been preserved for some time, has been replaced by some withdrawal.

Looking at the technical appearance of Ounce Gold, the upward attacks that it has been preserving for a long time have been subjected to corrective withdrawal, indicating that there has been some fatigue in the precious metal. In particular, Ounce Gold remains above the 50-day exponential moving average of 1470, which may lead to an upward trend in overall direction. However, this level of closure is important in terms of accelerating the sales pressure. On the other hand, if the precious metal accelerates its rise with the return from the 1480 level, which we follow as an important support point, the commodity must exceed the resistance levels of 1500 and 1530 to intensify the increases.