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Concerns over global economic slowdown increase demand for defensive assets

After the publication of weak economic data from Europe, gold maintains an upward vector amid growing fears of investors about a slowdown in the global economy. According to preliminary data published yesterday by the PMI of the manufacturing sector of the EU’s largest economy, Germany, it fell to its lowest level since July 2009.

High political and economic uncertainty contribute to a decrease in the yield of debt securities, which increases investor interest in gold and other precious metals.

Today, the focus of investors will remain economic statistics from the US and Europe. Later, IFO will publish business climate and expectations indices for Germany. Weaker data will further boost gold and other defensive assets.

 In the USA, it is worth paying attention to the publication of the CB consumer confidence index.

On the chart, the price reached the previously noted target at 1523.00. Now, buyers continue to keep the price at this mark, which significantly increases the likelihood of a breakdown and further development of the upward movement in the direction of the level of 1555.00.

Resistance Levels: 1523.00, 1545.00, 1555.00;

Support Levels: 1517.00, 1500.00, 1485.00.

The main scenario is consolidation above 1523.00 and medium-term growth to 1555.00.

An alternative scenario is a decline to 1500.00 from current levels.

The fundamental background remains moderately positive. On the chart there are signals for a break   through level of 1523.00. Inside the day we consider longs from the levels of 1517.00 and 1500.00.

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