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

Gold price is constrained within a flat

Gold has declined by 0.4% on Wednesday due to recovery in Asian indices and a stronger USD.

The outbreak of a new strain of coronavirus in China remains the central theme of recent days in the financial market. On Wednesday, the number of coronavirus deaths in Wuhan province of China increased to nine. The first case of the disease was recorded in the United States. Experts fear that a potential outbreak of the virus could seriously affect the tourism business in China on the eve of the major Chinese holiday.

Investors also continue to follow the news related to trade relations between the US and China. Recently, there have been reports in the media that the White House is considering tightening sanctions against Huawei. This decision could jeopardize previously reached agreements.

Regarding the chart, we note an unsuccessful attempt of buyers to gain a foothold above the level of 1560.00. The price has fallen again below this mark. The horizontal channel of 1542.00-1560.00 remains relevant. Today we expect the development of a downward movement towards the lower border of the flat.

Resistance Levels: 1560.00, 1573.00, 1585.00;

Support Levels: 1542.00, 1530.00, 1515.00.

The main scenario - an increase towards 1560.00 and a further decrease towards the level of 1542.00.

An alternative scenario - a decline towards the level of 1542.00 from the current levels.

The fundamental outlook is neutral. In the near-term, we consider shorts starting from the upper border of the flat, within the area of 1542.00-1560.00.

Latest news

Share posts and earn money

2020-09-16 08:29:16

We are launching the long-awaited rewards program for all subscribers of our social networks – share posts with your friends and get money on your FortFS account as a reward! 🥇 The participants will get the following benefits: • Real money for reposts • The reward is available for withdrawal without restrictions • You can […]

No Deposit Bonus 100 USD

2020-08-20 20:43:20

Dear Traders, Make sure to receive $100 on your trading accounts only from the 20th to the 28th of August! No Deposit Bonus 100 USD is the best way to start trading and test all of the Company’s products! GET BONUS The bonus features: Withdrawal of up to 100 USD 75 lots of trading turnover […]