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Gold attempts to gain a foothold above $1,500

Mar 18 2020, 02:32 PM (BDT) | Fortfs.com

At the Asian session on Wednesday, gold was trading in the red zone. Panic is still prevailing in the market and not only stocks, but also traditional risk-free assets are under pressure.

 

Goldman Sachs experts note that one of the reasons for the fall in gold prices is the situation in the oil market. Amid falling oil prices, the Central Bank of Russia suspended the purchase of gold. A similar situation is observed in the actions of other Central Banks. According to economists, in the near future, gold will continue volatile trading, trying to find a new area of ​​balance.

 

Today, investors will continue to focus on the situation on stock exchanges. In the economic calendar, only the publication of data on the number of building permits issued in the United States can be noted. This data may affect the gold and USD dynamics.

 

Regarding the chart, after an unsuccessful attempt to overcome the level of 1545.00, a downward wave develops. The most likely target is the level of 1493.00 and upon reaching it we can expect further upward movement.

 

Resistance Levels: 1545.00, 1595.00, 1635.00;

 

Support Levels: 1493.00, 1455.00, 1440.00.

 

The main scenario - a decline towards 1493.00 and an increase in the direction of 1545.00.

 

An alternative scenario - a breakdown of support at the level of 1493.00 and a decline towards 1455.00.

 

The fundamental outlook is neutral. We consider longs with very moderate risks from the level of 1493.00

 

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