Fundamental analytics

Gold has set a new high since 2013


This morning, the price of gold once again updated the multi-year high, reaching the highest level since 2013. The main driver of growth is still the results of the FOMC meeting on Wednesday, at which the regulator hinted at a possible decrease in interest rates in the current year. This decision led to a significant weakening of the dollar, which is traded in the red zone for the third day in a row.

Commenting on the results of the FOMC meeting, Trump noted that he would like to see a reduction in the rate already at the current meeting, but was generally satisfied with Powell’s statements about a possible easing of monetary policy in the future.

Another driver for the growth is a very tense geopolitical situation in the world. Now the focus of investors is the conflict between the US and Iran, which yesterday could go into the military phase. After Iran shot down an American drone, Trump approved a decision to deliver pinpoint strikes against targets in Iran, but late on Thursday, for unknown reasons, these attacks were canceled.

Today, the market will follow the publication of data on sales in the secondary housing market in the United States and preliminary data on the manufacturing and services sectors in Europe and the USA.

On the chart, after a fairly long intraday consolidation in the range between the levels 1376.00-1387.00, the price has broken through the upper limit of the outset, indicating its intention to continue moving upwards. Now we see a rather strong price rollback from the level of 1.1410, the immediate target for which is the level of 1387.00, from where the upward movement can be resumed.

Resistance Levels: 1410.00, 1415.00, 1420.00;

Support levels: 1387.00, 1376.00, 1360.00.

The main scenario - a correction to 1387.00 and the resumption of the upward movement.

An alternative scenario - the breakdown of support at 1387.00 and a decline to 1376.00.

There is a strong bullish trend on the market, so we are considering longs that are worth looking for at strong support levels of 1387.00 and 1376.00.


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