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Main » 2019 » July » 24 » Gold prices forecast XAUUSD 24.07.2019: metal remains under pressure from American
11:29
Gold prices forecast XAUUSD 24.07.2019: metal remains under pressure from American

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The price of gold continues to fall against the dollar strengthening and reduce investor interest in defensive assets.


The US dollar was supported thanks to reaching an agreement on the budget between Democrats the House of Representatives and President of Trump. It is also a positive impact on the dollar had a full-time reports of renewed negotiations between the US and China. For this reason, a good demonstrate growth dynamics and major US stock indexes in Europe and that it is always accompanied by a decrease in demand for protective assets such as gold and the Japanese yen.

 

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Today, in addition to the news of geopolitics, the focus of investors will be preliminary data on the PMI service sector and manufacturing in the US and Europe. Also in the US is expected to publish data on new home sales. Yesterday data on sales of existing homes were significantly worse than market expectations, so if today's report will once again be lower than the predicted values, the dollar is locally could come under pressure. In this case, after three days of decline, gold can complete trades in the green zone.

 

 

On the chart the bulls so far managed to keep the price above $ 1415.00, while maintaining a good chance for the resumption of the upward movement. Long-term trend of the instrument remains bullish. But if keep the price above 1415.00 will not be possible, a local priority will shift towards the scenario of price reduction in the direction of the level of 1400.00.


Levels of resistance: 1428.00, 1438.00, 1450.00;                                                 

Support levels: 1415.00, 1400.00, 1383.00.

The main scenario - increase to 1438.00.

Alternative - the breakdown of support at 1415.00 and decline to 1400.00.


News background for gold remains moderately negative, but the global trend of the instrument remains bullish. Therefore, preference is given within the day shopping tool, which should be considered in the levels 1415.00 and 1400.00.  

 

Gold rate forecast for today  FORTFS

 

 

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