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Gold continues to update multi-year maximums

Gold is rapidly approaching the mark of $1,700 amid news of the coronavirus spread in Asia and Europe. The spread of coronavirus outside of China causes fear among investors and they are quite actively buying protective assets. Gold remains the main protective asset.

 

Experts note an increase in risks associated with a global economy decline due to the spread of the virus. The International Monetary Fund is curtailing its forecast for global growth and warns that it is also considering more negative scenarios in case of further spread of the virus.

 

On Monday, South Korea reported 161 new cases of illness and two deaths. In total, more than 760 people got infected in South Korea. Concerns about the spread of the virus in Europe are growing. The epicenter is Italy. Due to the virus, the Venice Carnival and other public events were canceled.

 

A bullish trend continues to develop on the chart. Now the bulls are holding the price above the level of 1660.00, creating good conditions for the further growth of quotes and a retest at the level of 1680.00. With the breakdown of the 1680.00 mark, we can expect the growth of quotations towards 1700.00.

 

Resistance Levels: 1680.00, 1700.00, 1710.00;

 

Support Levels: 1660.00, 1645.00, 1630.00.

 

The main scenario - an increase towards the level of 1680.00.

 

An alternative scenario - a breakdown of support at the level of 1660.00 and a decline towards 1645.00.

 

The fundamental outlook is positive. We consider longs from the levels of 1660.00 and 1645.00.

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