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Gold price rises due to the lingering geopolitical risks

Gold maintains a moderately upward-oriented movement vector, as investors doubt the potential success of the interim trade agreement between the United States and China, and fear a trade conflict in the future. The United States and China have decided to maintain most of the previously introduced tariffs, which has a negative impact on the economy of the two countries and the situation in international trade as a whole. Therefore, the market remains in high demand for traditional risk-free assets.

 

The restraining factor for gold is the news from the USA, where last week strong data on retail sales and the construction sector were published, which reduced the likelihood of the Federal Reserve easing its monetary policy in the coming months.

 

Today, there is no important news in the US economic calendar, so geopolitical news and the overall situation on the market will have a major impact on trading.

 

Bullish signals prevail locally on the chart. We see an attempt of buyers to overcome resistance at the level of 1560.00, which will open the way for further growth towards the level of 1573.00.

 

Resistance Levels: 1560.00, 1573.00, 1585.00;

 

Support Levels: 1550.00, 1542.00, 1530.00.

 

The main scenario - a correction towards the level of 1550.00 and further upward movement.

 

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

 

The fundamental outlook is neutral. Within the daily framework, we consider longs from the area around the level of 1550.00.

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