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Gold declines amid rising investor risk appetite

On Monday trading in Asia, gold was under pressure despite the weakening of the dollar. The negative impact was exerted by the situation on the stock exchanges, where the main Asian indices showed a bullish trend. The Japanese Nikkei 225 closed above 30,000 points for the first time since August 1991. Amid growing investor risk appetite, interest in gold and other defensive assets is falling.

 

In Asia, the decline in gold was limited due to the weakening of the dollar. The dollar index fell 0.17%. But in the future, the rate of decline in the precious metal may accelerate, since at the beginning of the European trading session, the dollar gradually began to recover its previously lost positions against the background of rising yields of American Treasuries. Today, the yield on 10-year government bonds for the first time since March 15, 2020 rose above the 1.20 mark. Many experts point out that US Treasury yields could pave the way as new stimulus measures worth $ 1.9 trillion. not fully accounted for by the market.

 

Today, there is no important news in the economic calendar, so the situation on the stock markets and the debt securities market will have the main impact on gold.

After a slight correction from the level of 1810.00, the price resumed its downward movement. Today we are waiting for a breakdown of the level of 1810.00 and a decline in quotations towards the level of 1794.00.

 

  • Resistance levels: 1829.00, 1844.50, 1866.50.

 

  • Support levels: 1810.00, 1794.00, 1780.00.

 

The main scenario is a decline to 1794.00.

 

Alternative scenario - breakdown of intraday resistance at 1829.00 and rise to 1844.50.

 

The current fundamental outlook is moderately negative. We consider shorts from the level of 1829.00.

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