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Gold shifted above the $1,700 mark

Apr 23 2020, 02:07 PM (BDT) |

During the Asian session, gold prices experienced a slight increase (-0.25%), due to lower pressure from the USD (dollar index -0.15%).


A major deterrent for gold today is the dynamics of stock indices. Asian indices were mainly in the green zone by the end of the session. Moreover, European session appears to start positively since investors react positively to the restoration of oil prices.


Today, the situation on the stock exchanges will have a key impact on the dynamics of the movement of gold. Investors in Europe are awaiting the publication of preliminary PMI data on the manufacturing sector and services in the EU and individual countries of the union.


Investors in the United States will focus on the publication of weekly data on the number of initial applications for unemployment benefits, data on new home sales in March and preliminary figures for the PMI in the manufacturing and services sectors for April.


Regarding the chart, buyers managed to overcome the resistance at the level of 1695.00. Now the price is constrained at the level of 1715.00. Further prospects for the price movement will depend on further reaction to this mark. A break of the 1715.00 level will open the way to the level of 1740.00.


Resistance Levels: 1715.00, 1740.00, 1755.00;


Support Levels: 1695.00, 1675.00, 1645.00.


The main scenario - a decline towards 1695.00.


An alternative scenario - a breakdown of resistance at the level of 1715.00 and an increase towards 1740.00.


The current fundamental outlook is neutral. We consider shorts with very moderate risks from the level of 1715.00.

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