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Gold may continue to rise towards the $ 1800 level

On Friday, the price of gold in Asia fell slightly after the publication of macroeconomic data from China, but at the beginning of the European trading session, the growth was resumed.

 

The fundamentals for gold remain positive. The US dollar is under pressure after the latest dovish statements from the Fed. Long-term US bond yields are also declining. The market expects increased inflationary pressures in the US, while the Fed does not intend to make adjustments to monetary policy in the long term. Interest in gold as one of the main assets of inflation protection is growing.

 

The situation on stock markets has a restraining effect on gold. After the publication of rather strong macroeconomic data from the United States and China, the market is growing optimistic about the prospects for the global economic recovery. 

Increased investor interest in risky assets will limit demand for precious metals and other safe assets.

 

Other metals are maintaining a moderately upward trend today. Palladium gained almost 0.3%. Platinum rose by 0.4%. Silver is trading at zero momentum.

 

In the economic calendar today, it is worth paying attention to the publication of data on CPI in the EU and statistics on issued building permits in the United States.

 

On the chart, for the first time in almost two months, the price rose above 1760.00. If in the near future buyers are able to keep the price above this level, the medium-term growth of quotations may continue to the level of 1810.00.

 

  • Resistance levels: 1775.00, 1810.00, 1825.00.

 

  • Support levels: 1760.00, 1747.00, 1735.00.

 

The main scenario is the continuation of the upward movement from the current levels.

 

Alternative scenario - consolidation below 1760.00 and correction to 1747.00.

 

The current fundamental background is moderately positive. We consider longs from the levels of 1760.00 and 1747.00.

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