flag-gb flag-my flag-zh flag-id flag-th flag-vi

Gold is trading around 2 months lows

On Monday, gold completed trading at a 2-months low. The decline was taking place against the backdrop of a stronger dollar, higher yields on treasury bonds and a recovery in the US stock market, which significantly weakened investor’s demand for yellow metal.

It is worth noting that at the end of September, gold showed a decrease of more than 4%, but according to the results of the 3rd quarter, an increase of more than 3% was recorded.

On Tuesday, gold maintains a downward vector, -0.35% from the beginning of the day. The pressure on the price is still exerted by the situation on stock exchanges, the main indices are traded in the green zone, and the US dollar, whose index is approaching the annual maximum, set in early September.

Today, the market expects a very rich news calendar. At the European trading session, investors will focus on PMI data on the manufacturing sector and preliminary figures on the consumer price index. At the American trading session, it is worth paying attention to the speeches of FOMC members Richard Clarida, James Bullard, Michelle Bowman and ECB President Mario Draghi. Also in the United States will be announced PMI manufacturing sector from ISM.

On the chart there was a breakdown of the lower border of the price channel 1485.00-1523.00. Within one trading day, the bears reached the previously noted target at the level of 1460.00. This is a fairly strong level of support, so we can expect from it the formation of a retreat. But trade priority remains on the sales side.

Resistance Levels: 1473.00, 1485.00, 1510.00;

Support Levels: 1460.00, 1450.00, 1435.00.

The main scenario is a correction to the area of ​​1473.00 and the resumption of the downward movement.

An alternative scenario is a breakdown of support at 1460.00 and a decrease to 1450.00 from current levels.

The market is dominated by a negative fundamental background. The chart is dominated by bearish signals. We consider shorts from the levels of 1473.00 and 1485.00.

Latest news

Deposit Bonus 200%

2021-04-13 10:05:09

Only from April 12, 2021, to May 14, 2021, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of […]

Reduced spreads for popular pairs

2021-02-11 15:07:39

FortFS wishes all traders a Happy Chinese New Year! Only from February 8 to March 12, 2021, we reduce spreads for the 4 most popular trading pairs. New values*: EURUSDf: 0.8 GBPUSDf: 0.9 USDJPYf: 1.0 XAUUSDf: 3.5 *These values are valid only for FLEX accounts Hurry up to take advantage of the offer! Learn more about spreads: https://www.fortfs.com/clients/specifications