Gold is the third day in a row trading in a fairly narrow range, while maintaining a horizontal direction of movement. This is due primarily to the absence in the market of important economic and geopolitical news that could significantly affect the dynamics of price movement.
Pressure on prices continues to the US dollar, which will retain its leading position in the currency market. However, relatively high geopolitical risks maintain demand for the asset, while maintaining the balance of the market.
Today, the focus of the financial markets is the ECB meeting and the final press conference, Mario Draghi. Most investors are expected to remain the key monetary policy parameters unchanged, but rely on the fact that the regulator will signal its intention to cut interest rates fall. This decision could further strengthen the position of the dollar in the currency market that gold will be quite strong bearish signal. So while on this instrument is dominated by negative expectations.
On the chart the situation of the day did not change significantly. Price consolidated in the range between the levels of 1415.00-1428.00, retaining roughly equal chance of reaching the outset, both up and down.
Levels of resistance: 1428.00, 1438.00, 1450.00;
Support levels: 1415.00, 1400.00, 1383.00.
The main scenario - further development 1415.00-1428.00 outset with a possible extension of this range.
Alternative - the breakdown of support at 1415.00 and decline to 1400.00.
uncertainty is still high in the market, so it is recommended to refrain from trading this instrument and wait for a more clear signals on the chart.
Gold rate forecast for today FORTFS