At the beginning of the week, gold slightly declined and was bought from the zone of $1490-1495 per ounce, which should be seen as a local zone of purchases. The local trend line is broken, so we can expect a return to the area of $1515-1525, which may be followed by a new attempt to update the annual high.
The correction was caused by the fact that the federal government softened in its position on the trade war with China. The US Commerce Department said it would extend the set of exceptions that protected US companies from a ban on trading with Huawei for another 90 days. They did it to avoid disruption to local telephone services in the United States. Donald Trump is optimistic about the conclusion of a trade agreement with China. He believes that China is ready to sign it, but he is "not ready for an agreement yet."
According to the Swiss bank UBS, in 2020 gold can grow by 10% up to $1680. UBS analysts believe that the metal will receive support from the global recession, trade conflicts and geopolitical risks.