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Gold dropped below $ 1900 per ounce

Today gold price dropped below $ 1900 per ounce, showing a decline of more than 2%.

As a result of trading on Monday, the price of gold dipped in total by more than 5%. A strong decline continues amid a recovery in the dollar and US government bond yields, as well as news of the introduction of the first COVD-19 vaccine.

Yesterday Russian President Vladimir Putin announced the registration of the world's first vaccine against coronavirus. The news came as a surprise to many bidders and raised hopes that vaccines being developed in other countries will become available sooner than expected. Earlier, fears associated with the beginning of the second wave of the pandemic and the deterioration of the situation in the global economy acted as the key drivers of the growth in demand and prices for gold and other precious metals.
Gold has a negative impact on the dynamics of the dollar and the yield of American Treasuries. Assets are strengthening, making gold less available and more attractive for investment.

There are also factors on the market that may limit the further drop in precious metal prices. The situation on the stock market remains ambiguous. Investors are worried about the situation in the United States, where Congress has been trying unsuccessfully for several weeks to agree on a new stimulus package.

Today in the economic calendar the focus will be on the data on the consumer price index in the US for July.

A pullback movement is developing on the chart, after a strong decline in quotations the day before. The closest target for the bulls is the level of 1921.00. The next resistance level is at 1950.00. In this range, one can expect the formation of signals for the continuation of the downward movement and the renewal of yesterday's trading minimum.

Resistance levels: 1921.00, 1950.00, 1995.00;

Support levels: 1875.00, 1850.00, 1793.00.

The main scenario - a decline from the current levels.

Alternative scenario - a breakdown of resistance at 1921.00, growth to 1950.00 and further downward movement.

The current fundamental outlook is moderately negative. We consider shorts from the levels 1921.00 and 1950.00.

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