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Gold remains under pressure

During the Asian trading session the price of gold fell slightly. The pressure continues to be exerted by the American dollar, the index of which has strengthened by 0.1%, and the situation on the stock markets.

In recent days, volatility on financial markets has significantly decreased against the background of a more calm dynamics of the dynamics of the yield of American Treasuries. After updating the annual high and testing the 1.614% mark, the yield on 10-year government bonds is now close to the 1.4% level. Yields remain relatively high, limiting gold recovery opportunities.

The precious metal is negatively affected by trading on stock exchanges. In recent days, the situation there has stabilized. Investors' appetite for risk is gradually increasing, while the demand for defensive assets is declining. For example, today the Swiss franc and the Japanese yen are trading in the red against the US dollar. The dynamics of the movement of these currencies indicates that investors now prefer more risky and highly profitable assets. Gold, as the main defensive asset, also remains under pressure.

Following gold, other precious metals are also demonstrating the downward dynamics of movement today. Silver fell more than 0.7%, platinum fell 0.6%, and palladium slipped 0.5%.

The economic calendar today will focus on monthly data from ADP on changes in the number of employees in the nonfarm sector and PMI for the non-manufacturing sector from ISM.

The chart is still dominated by bearish signals. The price met serious resistance at the nearest level - 1741.00. This indicates the weakness of buyers. The downward movement vector of the instrument remains the priority.

  • Resistance levels: 1741.00, 1760.00, 1780.00.
  • Support levels: 1715.00, 1700.00, 1680.00.

The main scenario is a decline towards the level of 1715.00.

An alternative scenario is a breakdown of resistance at 1741.00 and an increase to 1760.00.

The current fundamental background is moderately negative. We consider shorts near the level of 1741.00.

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