Current trend
Gold prices are showing a slight decline during today's morning session, again settling in the area of 1800.00. At the beginning of this week, the "bears" have already tested this level, but they have not yet managed to consolidate below it, which is due to the weakness of USD. Analysts note a moderate increase in demand for risk, which puts pressure on the quotes of the precious metal, but the activity of trading on the market still remains low.
Traders are looking forward to the emergence of new drivers for the movement of the asset. The focus this week is on the US labor market report, and analysts' forecasts are once again quite optimistic. Around 900K new jobs are expected to be created in July, while the country's unemployment rate might fall from 5.9% to 5.7%.
Support and resistance
Bollinger Bands in D1 chart demonstrate flat dynamics. The price range is narrowing from above, remaining spacious enough for the current activity level in the market. MACD stretches along the zero line, often forming opposite trading signals. At the moment, the indicator readings remain uninformative. Stochastic, without reaching the level of "80", reversed downward, indicating "bearish" potential in the ultra-short term.
Resistance levels: 1819.36, 1833.90, 1850.00.
Support levels: 1800.00, 1791.46, 1785.00, 1772.70.
Gold prices are showing a slight decline during today's morning session, again settling in the area of 1800.00. At the beginning of this week, the "bears" have already tested this level, but they have not yet managed to consolidate below it, which is due to the weakness of USD. Analysts note a moderate increase in demand for risk, which puts pressure on the quotes of the precious metal, but the activity of trading on the market still remains low.
Traders are looking forward to the emergence of new drivers for the movement of the asset. The focus this week is on the US labor market report, and analysts' forecasts are once again quite optimistic. Around 900K new jobs are expected to be created in July, while the country's unemployment rate might fall from 5.9% to 5.7%.
Support and resistance
Bollinger Bands in D1 chart demonstrate flat dynamics. The price range is narrowing from above, remaining spacious enough for the current activity level in the market. MACD stretches along the zero line, often forming opposite trading signals. At the moment, the indicator readings remain uninformative. Stochastic, without reaching the level of "80", reversed downward, indicating "bearish" potential in the ultra-short term.
Resistance levels: 1819.36, 1833.90, 1850.00.
Support levels: 1800.00, 1791.46, 1785.00, 1772.70.