Current week was characterized by the weakening of US dollar . The dynamics of USD was often influenced not by actual macroeconomic inducators, but by political events and the rhetorics of FOMC managers and President Trump. This situation reflected the doubts of investors, that is why they switched attention to alternative assets including precious metals. This week gold broke through the level of 1250.00 that had been tested for over three weeks. Then gold continued growth and yesterday updated its 5-months maximum.
Today, despite the release of such important data from the USA, as retail sales and consumer prices index at 14:30 (GMT+2) with a slightly negative outlook, no significant market activity is expected due to the beginning of Easter holidays.
The growth of gold is the most likely variant.
Support and resistance
Support levels: 1250.00, 1265.00, 1280.00.
Resistance levels: 1300.00, 1315.00, 1340.00.
Long positions may be opened at the market price with targets at 1300.00, 1315.00 and stop-loss at 1265.00.
Alternatively, sell positions may be opened from the level of 1280.00 with targets at 1250.00 and stop-loss at 1300.00.
The period of implementation is today or in the beginning of the next week.
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