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Gold is still constrained below $1,700

The USD continues to put pressure on gold. Despite the decline in stock indices, during Asian trading session gold price is constrained in the red zone, with a result of -0.22%.

According to Reuters polls yesterday, in the medium term, increased demand for precious metals in the stock market will be completely offset by rising dollar values โ€‹โ€‹and weak physical consumption amid a slowdown in global economic growth. Countries are increasing economic stimulus measures and are gradually spending their foreign exchange reserves. Therefore, experts suggest that in the near future the growth in the cost of gold will be limited, despite the difficult economic situation in the world.

 

In the economic calendar today, it is worth paying attention to the publication of March data on home sales in the secondary market in the United States. But the geopolitical news, dollar fluctuations and the situation on stock exchanges will continue to have a stronger influence on trading.

 

Regarding the chart, the bulls are trying to win back previously lost positions, but so far they cannot gain a foothold above the level of 1695.00. Therefore, today, as a priority, we consider a scenario with a decline in quotations in the direction of the level of 1645.00.

 

Resistance Levels: 1695.00, 1715.00, 1740.00;

 

Support Levels: 1675.00, 1645.00, 1610.00.

 

The main scenario - a decline towards the level of 1645.00.

 

An alternative scenario - a breakdown of resistance at the level of 1695.00 and an increase towards 1715.00.

 

The current fundamental outlook is neutral. Bearish signals prevail locally on the chart. Within the daily framework, we consider shorts from the levels of 1695.00 and 1715.00.

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