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Gold can’t handle resistance at the $1,500 level

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.

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