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Main » 2020 » March » 17 » GOLD forecast price of gold XAUUSD 17.03.2019: GOLD is trading below $ 1,500
10:38
GOLD forecast price of gold XAUUSD 17.03.2019: GOLD is trading below $ 1,500

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Gold maintains downward motion vector and Tuesday's trading below $ 1,500. The precious metal is reduced in spite of the very strong, more than three decades, the decline of the US stock market and the unprecedented actions of the world central banks to stabilize the situation on the market. Many experts say that now the market is in a state of panic. Under these circumstances, investors sell even traditional defensive assets. US stock markets experienced another sharp wave of sales, in the framework of which the shares have shown a double-digit decline. Investors have lost confidence in the ability of government and central banks to deal with the economic consequences of the spread of the coronavirus. Some experts say that the world's Central Bank has already exhausted the entire stock of the measures that could be used to stabilize the situation in the economy.

 

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Later today, to be held telephone talks of finance ministers of the G7, which may be to adopt a coordinated program of action to stabilize the situation in the world economy.

 

 

Also, investors today will follow the publication of data on retail sales in the US in February.


On the chart of gold locally prevailing bearish signals. As part of the corrective movement bulls were unable to gain a foothold above $ 1510.00. Downward movement resumed. During the day, you can expect a retest of support at 1455.00.


Levels of resistance: 1510.00, 1540.00, 1563.00;                                                 

Support levels: 1455.00, 1440.00, 14105.00.

The main scenario - decline to 1455.00.

Alternative - the breakdown of resistance at 1510.00 and rising to 1540.00.


Fundamental background - neutral. Considering gold sales on the level of 1510.00

 

Analytics and forecast gold prices today  FORTFS

 

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