Gold finished trading on Tuesday with moderate growth due to lower stock indices and increased demand for safe assets.
Expecting to get more new information on the development of the situation in world trade and on the further path of interest rates in the United States, many investors began to buy traditional defensive assets to diversify their risks.
Reuters reports made some pressure on the stock indices. According to these reports the United States and Japan would most likely not be able to sign a trade agreement in the near future. According to the comments of Japanese officials, none of the parties so far wants to make concessions in matters of agriculture and the automotive industry. Today in Washington, negotiations between the countries continue.
Today Asian markets closed mainly in the green zone, putting moderate pressure on gold. Today, investors will be focused on the minutes of the last FOMC meeting, at which the regulator decided to reduce interest rates by 25 bp. In the report, investors will look for signals about the Fed's further actions to adjust its monetary policy.
The chart continues to develop a corrective movement. The target at the level of 1485.00 has not yet been reached, so in the coming days we are waiting for the development of a retreating bearish wave.
Resistance Levels: 1506.00, 1520.00, 1540.00;
Support Levels: 1485.00, 1475.00, 1455.00.
The main scenario is a decline to 1485.00.
An alternative scenario is consolidation above 1506.00 and growth to 1520.00.
Bearish signals still prevail locally on the chart, so within the day we give priority to shorts, which should be considered at the levels of 1506.00 and 1520.00.