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

Gold keeps falling

Gold continues to move down amid falling investor interest in defensive assets. Investors are optimistic about the prospects for the development of the global economy after the start of the process of vaccination of the population against COVID-19.

 

Expectations for an end to the COVID-19 pandemic are mounting as vaccines reach their final approval stage. The active process of vaccination of the population in the United States and some EU countries should begin in December. Investors' appetite for risk is growing, while demand for gold and other defensive assets is falling.

 

In the coming days, investors will also closely follow the speech of the head of the Fed, Jerome Powell, in the US Congress. Entries will take place on Tuesday and Wednesday. Powell is expected to signal an increase in stimulus measures amid a lack of progress in negotiations on a new US economic bailout program.

 

In the afternoon, it is worth paying attention to the publication of data on construction in progress in the US, which may have a strong short-term impact on the dynamics of the dollar. Today the dollar and gold are showing a simultaneous decline, but as a rule, these instruments have an inverse correlation. Most likely, the direct correlation of instruments will not last long and during the day the dollar and gold will again move in opposite directions.

 

The chart is still dominated by bearish signals. The price pushed through the level of 1793.00 and continued to decline in the direction of the 1760.00 mark. There are no reversal signals on the chart yet. Downward movement remains a priority.

 

  • Resistance levels: 1793.00, 1815.00, 1830.00.

 

  • Support levels: 1760.00, 1730.00, 1700.00.

 

The main scenario is a correction to the 1793.00 area and a decline to 1760.00.

 

An alternative scenario is a decline to 1760.00 from current levels.

 

The current fundamental background is negative. We consider shorts from the level of 1793.00.

Latest news

Deposit Bonus 200%

2021-04-13 10:05:09

Only from April 12, 2021, to May 14, 2021, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of […]

Reduced spreads for popular pairs

2021-02-11 15:07:39

FortFS wishes all traders a Happy Chinese New Year! Only from February 8 to March 12, 2021, we reduce spreads for the 4 most popular trading pairs. New values*: EURUSDf: 0.8 GBPUSDf: 0.9 USDJPYf: 1.0 XAUUSDf: 3.5 *These values are valid only for FLEX accounts Hurry up to take advantage of the offer! Learn more about spreads: https://www.fortfs.com/clients/specifications