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

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.

Latest news

Deposit Bonus 200%

2020-03-19 07:35:21

Only from March 24th to April 24th, 2020, Deposit Bonus 200% will be 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 $10000 cents

2020-03-13 07:32:02

The biggest FortFS bonus is back for 4 days only! Only from 17.03 to 20.03 every FortFS client will have a chance to get $10000 cents no deposit bonus! How to participate? To have a FortFS account To be a member of the official FortFS chat-group in Telegram (@fortfs_chat) Detailed Terms and Conditions will be available across our social […]