On Friday, gold gradually reasserting itself after the worst day in the stock market in the US since 1987. Against the background of the general panic price of gold slipped by 4%.
On Friday, the global stock market continues to fall. Heavy losses in the stock market led to a halt of trading on the Japanese Nikkei 225 and South Korea's KOSPI. World Indices switched to bearish territory. Even the Fed's decision on additional infusion of $ 1.5 trillion failed to reassure investors.
Most experts believe that the decline in the value of the precious metal on the background of a general panic was temporary. In the coming days it will be able to restore the lost asset earlier position, because in the current situation, gold remains the most reliable asset protection from global risks.
On the chart bullish signals predominate today. In the morning the price of a false breakdown level 1563.00. This is a strong reversal signal in which we can expect growth of quotations at least to the level of 1610.00. In the breakdown of this level, the aim will be around 1635.00.
Levels of resistance: 1610.00, 1635.00, 1650.00;
Support levels: 1563.00, 1550.00, 1542.00.
The main scenario - increase to 1610.00.
Alternative - the breakdown of support at 1563.00 and decline to 1535.00.
Fundamental background - moderately positive. Consider buying the instrument from the levels 1578.00 1563.00 m
Gold forecast today FORTFS