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Gold is testing the $1,500 level again

Gold is in the green zone on Friday with a 1.15% growth due to the weakening pressure from USD.

 

The actions of the world central banks locally stabilized the situation in the financial markets. But many experts note that the situation remains difficult, so any recovery can be very limited in time and scale. The reputation of gold as a major defensive asset has been eroded. Investors preferred the USD to cover losses in other markets.

 

A day earlier, the USD index reached a new peak since December, 2002. Many investors began to fix speculative long positions with USD, provoking the development of a correctional wave. At the time of writing, the dollar index had decreased by 0.9%.

 

In our opinion, in the near future, the dollar will remain the main benchmark for gold. USD is the main gold competitor in the area of asset safety.

 

US data on sales of the secondary housing market for February is expected to be published today. In our opinion, this report will have a weak effect on trading, since the data does not reflect the current state of the real estate market, which could seriously suffer from the coronavirus pandemic.

 

Regarding the chart, despite the local growth, bearish signals prevail. The bulls were again met with a serious resistance at the level of 1500.00 and so far could not gain a foothold above this mark. Therefore, today the most probable option is development of a downward movement in the direction of the level of 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 1500.00 and an increase towards 1515.00.

 

The fundamental outlook is neutral. We consider shorts from the levels of 1500.00 and 1515.00.

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