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Gold shows moderate growth amid declining stock indices and the US dollar

Gold is trading moderately higher today thanks to lower pressure from the dollar and US Treasuries, as well as declines in major background indices.


The plunge in technology stocks in China and Hong Kong on Wednesday led to a sharp decline in Asian markets. The major indices closed with a fairly strong decline. Against this background, in Asia, interest in gold as an asset protection against risks has grown.


Investors' interest in risky assets began to decline on Tuesday, after the speech of the head of the Fed, Jerome Powell, in the Senate. Powell said monetary policy must continue to be accommodative and the economic recovery is "uneven and far from over."


An additional factor of support for gold is the dynamics of the dollar and the yield of American debt securities. Both instruments are trading in the red today, giving gold a good opportunity to continue its gains.


On the eve it became known that the US House of Representatives set for Friday a vote on a new stimulus bill in the amount of 1.9 trillion dollars. In the coming days, investors will closely follow the debate around this bill.


Following gold, other precious metals also demonstrate positive dynamics. The highest growth is shown by palladium - 0.85%. Platinum rose by 0.75%. Silver and gold are currently trading 0.1% above their opening price.


In the economic calendar today it is worth paying attention to the speech of Jerome Powell and the publication of the report on US new home sales for January.


Yesterday the price bounced quite strongly from the support at 1795.00. Today we are waiting for the continuation of the local upward wave with the target at the level of 1825.00.


  • Resistance levels: 1825.00, 1845.00, 1872.00.


  • Support levels: 1795.00, 1780.00, 1765.00.


The main scenario is growth in the direction of 1825.00.


An alternative scenario is a decline in the direction of 1780.00.


The current fundamental outlook is neutral. We consider longs near the level of 1795.00.

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