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Gold: demand for defensive assets remains stable

On Thursday, gold price remains stable due to the growing concerns about the spread of the deadly strain of coronavirus.

 

According to the latest data released by the Chinese government, the new virus claimed the lives of 17 people, hundreds have already been infected. Today, China announced the complete closure of transport links with the city of Wuhan, which is the focus of the spread of the new virus. The authorities urged citizens not to leave the city. According to reports of Hong Kong television channels, authorities in the province of Macau, in which the city of Wuhan is located, canceled all planned events for the celebration of the New Year on the lunar calendar.

 

The World Health Organization said today it will decide on a possible global emergency in connection with the outbreak of a new virus.

 

Today, the ECB monetary policy meeting will be the focus of attention within the economic calendar.

 

Regarding the chart, trading activity remains within the area of 1560.00. Buyers increase upward pressure on this level, therefore, today we consider a scenario with the growth of quotations in the direction of the level of 1573.00 as a priority.

 

Resistance Levels: 1560.00, 1573.00, 1585.00;

 

Support Levels: 1555.00, 1542.00, 1530.00.

 

The main scenario - an increase towards the level of 1573.00.

 

An alternative scenario - a breakdown of intraday support at the level of 1555.00 and a further decline to 1542.00.

 

The fundamental outlook is moderately positive. We consider shorts from the level of 1555.00.

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