Gold is trading lower after the publication of the minutes of the last FOMC meeting. Most meeting participants consider the interest rate cut by 25 bp as a local adjustment of monetary policy in response to changes in economic development prospects in recent months, rather than the beginning of a cycle of large-scale rate cuts. At the same time, the Fed leaders did not consider in detail the question of further adjustments to the interest rate for the coming months.
Gold had a negative impact from the US stock market, where the main indexes finished trading in the green zone, indicating a decrease in demand for risk-free assets. The growth of the indices is associated with good corporate reporting by retailers, which somewhat reduced investors' concerns about the slowdown in the US economy.
On Thursday, market focus will be on preliminary data on the PMI of the services sector and manufacturing sector in the EU and the US. Also today starts the annual economic symposium in Jackson Hole. Investors will primarily wait for Jerome Powell to speak.
Locally, there are no drivers on the market for the resumption of gold growth, so in the near future we can expect a slow slide down of quotes.
There were no significant changes on the chart over the past day. The price is consolidating in a narrow range of 1495.00-1506.00. The priority is still the price coming out of the sideways down. The main target is at the level of 1485.00.
Resistance Levels: 1506.00, 1520.00, 1540.00;
Support Levels: 1485.00, 1475.00, 1455.00.
The main scenario is a decline to 1485.00.
An alternative scenario is consolidation above 1506.00 and growth to 1520.00.
Today, the market is dominated by a moderately negative fundamental background. There are more signals on the chart of further development of the correctional movement. Short-term preference is given to sales, which should be considered near the level of 1506.00.
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