GOLD PRICES ARE CONSTRAINED WITHIN A NARROW FLAT

Fort Financial Services

Gold prices are constrained within a fairly narrow range due to the backdrop of continuing uncertainty in trade relations between the United States and China. Many investors are skeptical of the trade agreement between the two countries, as the United States did not agree to lift the $ 360 billion trade restrictions previously imposed. Doubts remain that under these conditions, China will conscientiously fulfill all its obligations. The risk of an aggravation of the trade conflict and a worsening situation in the global economy will continue throughout 2020, so the demand for protective assets remains high.

Within the economic calendar today, it is worth paying attention to the statistics block from the USA, where data on industrial production, the number of issued permits for the construction of new houses and indexes from the University of Michigan will be published. Data above market expectations may contribute to the local strengthening of the dollar and lower demand for precious metals.

Regarding the chart, the flat of 1542.00-1560.00 remains relevant. The priority scenario remains unchanged: growth to the upper bound of the flat.

Resistance Levels: 1560.00, 1573.00, 1585.00;

Support Levels: 1550.00, 1542.00, 1530.00.

The main scenario - an increase towards 1560.00.

An alternative scenario - a consolidation below 1550.00 and a decline towards 1542.00.

The fundamental background is neutral. Within the daily framework, we give priority to longs. Entry points should still be considered at the level of 1550.00.

28.01.2020

GOLD PRICE IS STABLE

Gold price slightly decreased due to a recovery in global stock indices. Investors are still focused on the spread of the deadly strain of coronavirus. According to the latest information, new cases of infection were recorded in 15 countries all over the

More
27.01.2020

OIL DROPPED IN PRICE BY MORE THAN 2%

Crude oil price decreased by more than 2%, updating months-long trading lows due to the coronavirus spread reports. Chinese authorities continue to implement preventive measures to stop further spread of the virus and block the main pest-spots. Investors fear

More
24.01.2020

RESULTS OF THE WEEK

News of the deadly coronavirus spread had the strongest impact on bidding ECB meeting Meeting of the Bank of Japan The spread of the deadly coronavirus strain Contrary to expectations of many investors, last week the strongest influence on trading

More
23.01.2020

GOLD: DEMAND FOR DEFENSIVE ASSETS REMAINS STABLE

On Thursday, gold price remains stable due to the growing concerns about the spread of the deadly strain of coronavirus. According to the latest data released by the Chinese government, the new virus claimed the lives of 17 people, hundreds have already

More