After an unsuccessful attempt to return to the level of $ 1,500, gold resumed its downward movement and has declined by 0.25%.
Gold is pressured by USD which is now at its maximum levels since March 2017. Since gold is denominated in US currency, it has become more expensive for foreign investors.
Many experts drew attention to the fact that the current dynamics of gold are similar to the situation that was observed during the previous financial crisis. Back then, investors actively sold gold along with shares for several months. So far, the active actions of governments and the world's largest central banks have not been able to stabilize the market situation. Most likely, in the coming days, market volatility will remain high. Precious metals and other assets will be under pressure.
In the economic calendar today it is worth paying attention to the publication of data on production activity from the Federal Reserve Bank of Philadelphia.
The chart is dominated by bearish signals. This morning the bulls could not overcome the resistance at 1500.00. Within the daily framework, we can expect a decline in quotations towards 1455.00.
Resistance Levels: 1500.00, 1515.00, 1545.00;
Support Levels: 1455.00, 1440.00, 1410.00.
The main scenario - a decline towards 1455.00.
An alternative scenario - a breakdown of resistance at the level of 1500.00 and an increase towards 1515.00.
The fundamental background is negative. We consider shorts from the levels of 1500.00 and 1515.00.
Only from 23 to 25 of November, the largest no deposit bonus 100 USD is available for all Forex traders! 🏆 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 📍 How to get the bonus: 1) Register an […]
Only from November 02nd to December 04th, 2020, 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 200%? […]