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Gold drops due to reports of Donald Trump’s improving health

Gold prices decline on Monday amid growing risk appetite for investors.

Major global indexes are trading in the green zone, responding to reports of Donald Trump's health improvement.

 

Over the weekend, there were conflicting reports about the health of the President of the United States. On Friday morning he had a fever. Later, the attending doctors announced that the president's health was improving. Trump may be able to return to work at the White House on Monday.

 

Doctors not involved in the treatment drew attention to the fact that Trump is being given dexamethasone, which is used to treat severe diseases. From this, they conclude that Trump's health condition may be more severe than officially reported.

 

Most likely, today the news about Trump's health will have the strongest impact on the dynamics of the financial market. Recent reports of Trump's possible discharge from Walter Reed National Military Medical Center are supporting risky assets and negatively impacting gold and other defensive assets.

 

Among the economic news today it is worth paying attention to the publication of PMI for the non-manufacturing sector from ISM.

 

Now there is a struggle for the level of 1892.00 on the chart. If the bulls keep the price above this mark, we can see the growth of quotations in the direction of the level of 1921.00. If the bears drop prices below 1884.00, the next target may be the level of 1867.00

 

  • Resistance levels: 1921.00, 1937.00, 1967.00.

 

  • Support levels: 1892.00, 1884.00, 1867.00.

 

The main scenario - an upward reversal in the range of 1884.00-1892.00.

 

An alternative scenario - a breakdown of support at 1884.00 and a fall to 1867.00.

 

The current fundamental outlook is moderately negative. We consider longs in the range of 1892.00-1884.00.

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