Gold is trading lower at the start of the trading week amid declining demand for safe assets. Investors are responding to positive reports of trade negotiations between the US and China. Information sources report that the first phase of the negotiations is almost complete. Now the parties are discussing the possibility of canceling previously introduced duties. These arrangements will be included in the interim foreign trade agreement.
Another factor of pressure on precious metals is the American dollar. The dollar index completed trading on Tuesday at + 0.2%. Gold is denominated in US currency, so it becomes more expensive for foreign investors.
Today, geopolitical news will continue to have the greatest impact on trading. Among the economic news, it is worth paying attention to the publication of data on the PMI of the non-manufacturing sector from ISM. Experts predict an increase from 52.6 to 53.5 points.
On the chart, the price again could not overcome the resistance at 1515.00. Now trading is already below 1505.00, which makes the continuation of the medium-term decline in quotations in the direction of the level of 1480.00 most likely scenario.
Resistance Levels: 1515.00, 1530.00, 1540.00;
Support Levels: 1500.00, 1480.00, 1475.00.
The main scenario is a small correction in the middle of the range 1505.00-1515.00 and the resumption of the downward movement.
An alternative scenario is a decline in the direction of the level of 1480.00 from current levels.
The market is dominated by a negative fundamental background. The chart is dominated by bearish signals. Inside the day, we prefer shorts that are worth looking for in the range of 1510.00-1515.00.
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