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Gold declines amid rising global indices

On Tuesday, gold prices are in the red zone (-0.5%) due to rising global stock indices. The American stocks became a driver for the entire market, reaching new highs on Monday. Investors react positively to the publication of macroeconomic reports from the United States, which indicate a good state of the economy. Indices growth traditionally leads to a decrease in demand for gold and other protective assets.

 

Today, investors will focus on the speech of Jerome Powell, Chairman of the US Federal Reserve, addressing Congress. At the last meeting, FRS leaders decided to leave interest rates unchanged and continued to take a wait and see attitude. Investors will be waiting for signals from Powell about further plans for the implementation of monetary policy.

 

A speech on the ECB's head, Christine Lagarde, may also have some effect on the market. According to Bloomberg, Lagarde may provide information on the Central Bank's new development program.

 

Regarding the chart, today the situation has not changed significantly. Despite the local pullback, the scenario with the development of an upward movement in the direction of the level of 1585.00 remains a medium-term priority.

 

Resistance Levels: 1585.00, 1600.00, 1611.00;

 

Support Levels: 1563.00, 1550.00, 1542.00.

 

The main scenario - a decline towards 1563.00 and further upward movement.

 

An alternative scenario - a breakdown of support at the level of 1563.00 and a decline towards 1550.00.

 

The fundamental outlook is neutral. Within the daily framework, we give preference to longs at the level of 1563.00.

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