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Gold is declining to $1,700

Asian trading session on Wednesday ended with a 0.5% decline in gold price. The main pressure on the price was exerted by the USD. The USD index strengthened by 0.3%. The market is still focused on the conflict between the US and China.

 

Late on Tuesday afternoon, Donald Trump stated the United States would take action against China this week for trying to impose a national security law on Hong Kong. Trump did not specify what exact measures of influence Washington will take in relation to Beijing. Amid rising tensions between the two largest economies in the world, investors are again opting for the dollar rather than gold as a priority protective asset. A deterioration in US-China relations could further impede global business activity, which is already under intense pressure from the coronavirus pandemic.

 

Hong Kong itself has strengthened security measures. Security officials took up positions around the Hong Kong legislature in preparation for protests. According to the latest data, police detained 15 people, three of whom carried Molotov cocktails.

 

In the economic calendar today it is worth paying attention to the speech of the ECB President Christine Lagarde.

 

Regarding the chart, after the breakdown of support at 1725.00, a downward wave continues to develop. The target is the level of 1695.00.

 

Resistance Levels: 1715.00, 1725.00, 1735.00;

 

Support Levels: 1695.00, 1670.00, 1645.00.

 

The main scenario - a decline towards 1695.00.

 

An alternative scenario - a breakdown of intraday resistance at the level of 1715.00 and an increase towards 1725.00.

 

The current fundamental outlook is moderately negative. We would prioritize shorts. Entry points should be considered at the levels of 1715.00 and 1725.00.

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