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Gold prices decline amid rising appetite for risk

During the Asian session gold was constrained in a narrow range. The USD index has dipped 0.5% since the beginning of the day, supporting gold prices. But this influence was completely offset by the situation on the stock exchanges, where the main Asian indices completed trading in the green zone. Investors reacted positively to news that quarantine measures are gradually being eased in many countries. There are indications that in the key economies of the world the peak of the pandemic has already passed.


The day before, New York State Governor Andrew Cuomo announced plans for a phased resumption of economic activity in the state from May 15. The authorities of France, Italy and Spain are also beginning a process of gradual easing of the quarantine regime. In Italy, manufacturing and construction companies are expected to return to work on May 4. At the same time, Prime Minister Giuseppe Conte noted that restrictive measures can again be strengthened in case of an increase in the number of cases.


European indexes opened in the green zone. Apparently, the situation on the stock exchanges will exert serious pressure on the price of gold. In the economic calendar today there is no important news that could have a significant impact on the course of trading.


Regarding the chart, the price bounced down from the level of 1740.00. Now the bears are increasing pressure at the level of 1720.00. In the near future, we are expecting a breakdown of this level with a decrease in quotations towards the level of 1695.00.


Resistance Levels: 1726.00, 1740.00, 1755.00;


Support Levels: 1720.00, 1695.00, 1675.00.


The main scenario - a breakdown of support at the level of 1720.00 and a decline towards 1695.00.


An alternative scenario - consolidation in the range of 1720.00-1740.00.


The current fundamental outlook is moderately negative. We consider shorts from the levels of 1726.00 and 1740.00.

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