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

Gold is constrained in a narrow range

Gold is consolidating in a fairly narrow range, staying close to the 8-year maximums which were set this week.


Demand for precious metals remains high due to the risks of the start of the second wave of the pandemic and the worsening situation in the global economy. The restraining factor for gold is USD. In recent days, the dollar index has grown by more than 1%.


According to Johns Hopkins University, as of June 26, nearly 9.6 million cases of COVID-19 were reported worldwide. In the United States, a new record of detected diseases per day is set. Local restrictions have been introduced in some areas of Lisbon and Beijing, the Australian state of Victoria and the western regions of Germany. In some grocery stores in Australia a limit on toilet paper has been reintroduced.


Recently the US Senate passed a bill that imposes mandatory sanctions on people or companies that support China’s efforts to limit Hong Kong’s autonomy. Investors expect another escalation of the conflict between official Beijing and Washington. This will lead to another outflow of capital from risky assets in favor of protective assets.


Despite a local corrective decline, gold retains good opportunities for further growth amid active measures by the Central Bank and governments to increase stimulus measures for the economy.


Regarding the chart, the price locally stuck in the flat of 1756.00-1767.00 which can be broken.


Resistance Levels: 1767.00, 1780.00, 1800.00;


Support Levels: 1756.00, 1745.00, 1723.00.


The main scenario - a consolidation in the range of 1756.00-1767.00.


An alternative scenario - a breakdown of the resistance at 1756.00 and an increase to 1780.00.


The current fundamental outlook is neutral. We would consider longs from the level of 1756.00

Latest news

FortFS 10-year anniversary = 10% cashback

2020-06-30 08:40:55

To celebrate our 10-year anniversary we are going to provide a 10% compensation for every trading order closed at a loss to all Clients! PARTICIPATE IN THE PROMOTION TO GET THE MOST OUT OF TRADING WITH FORTFS: Compensation for every trading order closed at a loss Fully withdrawable without trading turnover requirements Compatible with deposit […]


2020-05-27 07:58:43

Trade and receive real money for each 10th completed lot USE THE BONUS AND GET THE FOLLOWING BENEFITS: Unlimited withdrawal Compatible with Megaprotect and Deposit Bonus Available for cents and swap-free accounts HOW TO GET BONUS? To have a valid trading account To maintain the minimum account balance of 100 USD Keep trading and receive bonus funds for […]