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

Gold prices have stabilized

Gold price slightly decreased on Friday (by 0.3%) due to the statements made by the World Health Organization regarding the new coronavirus. The institution stated that currently the virus spread has not yet become a global emergency.

 

According to WHO, the virus remains a local problem constrained in certain regions of China. Overall, the market remains quite stable in demand for protective assets, since the media regularly publish information on new virus victims in various world regions. It's also very concerning that the virus may very well accelerate its spread during the lunar New Year celebrations in several Asian countries, since this holiday is one of the largest annual migrations for most of the Asian region.

 

In addition to geopolitical news it is important to closely monitor the publication of preliminary data on PMI of production and service industries in the EU, USA and other regions of the world. Weaker data may increase concerns about the prospects for the global economy and will help strengthen gold.

 

On the chart, the bulls again failed to overcome the resistance at the level of 1567.85. This is a signal of a future retreat development. Most likely in the coming days, trading will take place in the horizontal range of 1550.00-1567.85.

 

Resistance Levels: 1567.85, 1585.00, 1600.00;

 

Support Levels: 1550.00, 1542.00, 1530.00.

 

The main scenario - a decline towards 1550.00.

 

An alternative scenario - a breakdown of resistance at the level of 1567.85 and an increase towards 1585.00.

 

The fundamental outlook is neutral. We suggest trading based on the border of the flat 1550.00-1567.85.

Latest news

DEPOSIT BONUS 200%: PROLONGED TILL 04 JANUARY 2021!

2020-12-04 08:57:41

Only from November 02nd, 2020, to January 04th, 2021, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of […]

No Deposit Bonus 100 USD – available for 3 days only!

2020-11-23 08:44:40

Only from 23 to 25 of November, the largest no deposit bonus 100 USD is available for all Forex traders! πŸ† Bonus details: 100 USD maximum withdrawal 75 lots of required trading turnover 2 weeks to try all of the trading conditions Available for cent accounts πŸ“ How to get the bonus: 1) Register an […]