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Gold is declining amid positive news from China

Gold is declining slightly amid the rise of major stock indices. Investors reacted positively to the reports of only 400 new cases of new infections being detected within the past day. This is the lowest increase in the number of new daily cases since January 24. Investors hope that the Chinese authorities managed to take control of the situation and localize the spread of the disease. The threat of further spread of the virus is declining, so interest in gold and other protective assets is gradually declining.

 

In addition to geopolitical news, today investors will again follow the speech of the FRS head, Jerome Powell, which he will present to the relevant committee of the US Congress. In our opinion, Powell's statements will have a restraining effect on the market. The head of the FRS announced the main theses yesterday. Today, he is unlikely to provide bidders with new information.

 

A very mixed situation can be observed on the chart. On the one hand, buyers continue to keep the price above the level of 1563.00. This is a signal of the rise towards 1585.00. On the other hand, locally we see an increase in pressure to the level of 1563.00, which increases the likelihood of a breakdown. In this case, we should expect a decline in quotations by 1550.00.

 

Resistance Levels: 1568.00, 1572.00, 1585.00;

 

Support Levels: 1563.00, 1550.00, 1542.00.

 

The main scenario - a breakdown of support at the level of 1563.00 and a decrease towards 1550.00.

 

An alternative scenario - an increase towards 1585.00 from the level of 1563.00.

 

The fundamental outlook is neutral. Within the daily framework, we consider shorts from the levels of 1568.00 and 1572.00.

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