Gold, like most other financial instruments at the beginning of the week trading in a fairly limited range. Market is fully priced in the current price of the results of trade negotiations between the United States and China held last week. Other important economic and geopolitical news on the market yet. Investors took a wait before posting more significant macroeconomic data (report on US retail sales and GDP in China) later this week.
Today, the economic calendar is worth paying attention to the speeches of members of the FOMC: Mary Daly, Esther Georgie and Raphael Bostic. Fed policy and the situation in international trade are key factors influencing the dynamics of the movement of gold.
From the level of 1475.00 continues to evolve upward movement. The nearest significant resistance level at around 1510.00. Therefore, in the coming days we can expect further recovery of quotations to the marked target.
Levels of resistance: 1500.00, 1510.00, 1525.00;
Support levels: 1485.00, 1475.00, 1460.00.
The main scenario - the breakdown of the level and growth of 1500.00 to 1510.00.
Alternative Scenario - consolidation below 1485.00 and retest the support at 1475.00.
The market remains neutral news background. In the graph locally prevail bovine signals. Preference is given within the day shopping in the range of 1485.00-1490.00
Forecast gold prices FORTFS