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Main » 2020 » February » 20 » GOLD price forecast for gold XAUUSD 20.02.2020: GOLD reduced by news from China
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GOLD price forecast for gold XAUUSD 20.02.2020: GOLD reduced by news from China

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On Thursday, gold is trading with a slight decline. Investors react to news from China. Today, the People's Bank of China decided to reduce from 4.15% to 4.05% rate on loans to prime borrowers. There was also a reduced rate on five-year and longer-term loans from 4.80% to 4.75%. Thus, the regulator continues to implement measures to mitigate the economic impact of the epidemic coronavirus. At the same time, the country's authorities, apparently, managed to get the virus under control. The third day in a row the number of new cases continues to decrease disease.

 

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A significant factor of pressure on the precious metal remains the US dollar. Now the dollar index is trading at the highs from May 2017. Against the background of strengthening the dollar precious metal becomes more expensive for foreign investors.

 

 

Today, the economic calendar is worth paying attention to the publication of the last meeting of the ECB's monetary policy reports and indexes from the Federal Reserve Bank of Philadelphia.

 

On the chart are now dominated by the signals in favor of a downward corrective decline. Yesterday was formed reversal signal - false break local maximum at the level of 1611.00. Accordingly, today, we are waiting for reducing the quotations in the direction of the nearest support at 1600.00.

 

Levels of resistance: 1611.00, 1615.00, 1630.00;                                                 

Support levels: 1600.00, 1585.00, 1563.00.

The main scenario - decline to 1600.00.

Alternative Scenario - consolidation above 1611.00 and rising towards 1630.00.

 

Fundamental background - moderately negative. Intra-day considering sales from the level of 1611.00

 

Gold forecast for today 20/2/2020  FORTFS

 

 

 

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