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

FRS decision on unlimited QE program supported gold

Despite the growth of Asian stock indices, gold today maintains an upward movement vector, reacting to the FRS decision on unlimited repurchase of government bonds and mortgage-backed securities.

 

Goldman Sachs analysts note that after the measures taken by the Federal Reserve, they revised their forecast for gold and now expect growth towards $1800.

 

Another driver of gold growth is the USD dynamics. The dollar index continues to decline (-0.7%) increasing investor interest in traditional defensive assets. All of the aforementioned factors create a favorable environment for restoring the value of gold.

 

Regarding the economic calendar, today the market will be focused on preliminary PMI data on manufacturing and services in the US and Europe. This data will help evaluate the impact of the coronavirus epidemic on key areas of the economy.

 

Regarding the chart, bullish signals are locally dominant. Last night, gold overcame an important resistance area formed in the region of the level of 1545.00. Accordingly, the next target for price movement is the level of 1595.00.

 

Resistance Levels: 1595.00, 1635.00, 1650.00;

 

Support Levels: 1545.00, 1515.00, 1480.00.

 

The main scenario - an increase towards 1595.00.

 

An alternative scenario - a decline towards 1545.00 and further upward movement.

 

The fundamental outlook is moderately positive. Within the daily framework, we consider longs from the level of 1545.00.

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 […]