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Gold prices maintain an upward movement

Gold price increased by 0.4% on Tuesday amid a sharp decline in risk sentiment in the market. Asian indices completed trading in the red zone due to the fear of an outbreak of coronavirus in China. Many experts recalled the consequences of an outbreak of SARS in 2003.

 

A good support factor for gold was the IMF report, in which a rather gloomy forecast for the development of the world economy for 2020 was preserved. The IMF lowered its forecast for global economic growth this year from 3.4% (in October) to 3.3%. Downward forecasts were revised forecasts for the development of the US and EU economies. The forecasts for 2021 were also revised.

 

The market negatively perceived the news that Moody's downgraded Hong Kong's credit rating due to the lack of progress in resolving the region’s economic, political and social problems.

 

The stock market continues to decline, while gold and other defensive assets continue to rise.

 

Bullish signals dominate the chart. After a short consolidation, the price was able to break through the resistance at the level of 1560.00. Therefore, the next target for bulls is now the level of 1573.00.

 

Resistance Levels: 1573.00, 1585.00, 1600.00;

 

Support Levels: 1560.00, 1550.00, 1542.00.

 

The main scenario - an increase towards 1573.00 from current levels.

 

An alternative scenario - a correction towards 1560.00 and the resumption of upward movement.

 

The fundamental outlook is moderately positive. In short-term we consider shorts with entry points at the levels of 1565.00 and 1560.00.

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