The global signal to buy gold persists


Current dynamics

Gold quotes are consolidating around $ 1891 per ounce.

As most experts expected, prices for the precious metal have been strengthening since the beginning of the week, taking advantage of the break in trading. At the same time, the USD Index fell to the psychologically important level of 90 points. The increased interest in gold is also reflected by statistics from the Commodity Futures Trading Commission (CFTC), according to which the number of net speculative positions over the past week increased to 269.2 thousand from 260.3 thousand a week earlier.

In general, against the backdrop of a further weakening of the USD Index and more frequent cases of mistrust of COVID-19 vaccines, investors will prefer protective assets, and gold quotes will continue to rise.

Support and resistance levels

Asset quotes are moving within the global downward channel, yesterday reaching its resistance line. Technical indicators maintain a global buy signal. Fast EMAs of the Alligator indicator are above the signal one, and the AO oscillator histogram is trading in the positive zone.

Resistance levels: 1910.0, 2060.0.

Support levels: 1853.0, 1773.0.

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Libertex [CPS] WW

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