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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.

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