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Gold is moderately decreasing due to mixed dynamics of stock indices

Today, gold is at a moderate decrease (-0.6%) amid mixed dynamics of stock indexes.

 

In the morning, the market was focused on news from the United States, where the Senate approved a bill to allocate 2 trillion dollars to stimulate the economy. Donald Trump stated his readiness to sign this document immediately. Traders reacted fairly calmly to this news due to reports of COVID-19 cases exceeding 400 thousand people globally, and the number of deaths approaching 20 thousand.

 

Experts note that the restraining effect on the dynamics of financial markets is exerted by expectations associated with the publication of data on initial applications for unemployment benefits in the United States. This data will reflect the real situation in the labor market amid the spread of the pandemic. According to forecasts for the week, the number of applications will increase by 1000 thousand, against 281 thousand a week earlier.

 

A pullback movement from the level of 1635.00 continues to develop on the chart. The immediate goal is the mark of 1590.00. In this range, we can expect reversal formations and the growth of quotations by 1635.00 and higher.

 

Resistance Levels: 1635.00, 1680.00, 1700.00;

 

Support Levels: 1590.00, 1545.00, 1515.00.

 

The main scenario - a decline towards 1590.00 and further upward movement.

 

An alternative scenario - a breakdown of support at the level of 1590.00 and a decline towards 1545.00.

 

The fundamental outlook is neutral. Within the daily framework, we consider longs around the level of 1590.00.

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