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Main » 2020 » March » 6 » GOLD forecast for gold XAUUSD 06.03.2020 Price: gold approaching $ 1,700
10:38
GOLD forecast for gold XAUUSD 06.03.2020 Price: gold approaching $ 1,700

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The fall in world stock markets triggered a new rise in gold prices. Investors react negatively to reports of a rapid rate of spread of the coronavirus in Europe, the UK and North America. Economists forecast a decline in the financial performance of large corporations, the fall in consumer activity and a slowdown in global economic growth.  

 

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Against the background of falling stock investors prefer safer assets, including US government bonds. At the same time a few days ago the yield on 10-year bonds fell from 0.994% to 0.840%. In turn, the gold only in the last week has risen in price by more than 6.8%, showing a record weekly returns since 2016. It is obvious that on this background, the precious metal is more attractive than other asset protection tools.

 

 

Today, investors' attention will be riveted to the report on the US labor market in February. On Thursday, the Labor Department reported that the number of applications for unemployment benefits last week dropped. This suggests that the situation with the spread of coronavirus has not yet affected the labor market and the February report can be a little better, or at the predicted values. Locally, these data may support the dollar and to suspend the further growth of gold.


On the chart the price has been able to overcome local resistance levels and now again testing the strength of the mark 1680.00. On the chart is no topping signals, so as a priority considering the scenario with the breakdown level of 1680.00 and the growth of quotations in the direction of 1700.00.


Levels of resistance: 1680.00, 1700.00, 1720.00;                                                 

Support levels: 1666.00, 1635.00, 1605.00.

The main scenario - the breakdown resistance at 1680.00 and XAUUSD rise to 1700.00.

Alternative Scenario - XAUUSD correction to 1655.00


Fundamental background - moderately positive. Consider buying the instrument XAUUSD levels of 1655.00 and 1635.00

 

Gold XAUUSD forecast for today  FORTFS

 

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