On Monday, gold remains in the green zone, despite continued pressure from the dollar and the positive dynamics of stock indexes. Investors are still concerned about the situation with the spread of the pandemic (more than 100 thousand new cases of infection are registered throughout the world per day); therefore, the demand for protective assets, including gold, remains high.
In an interview with Fox News, US chief medical officer Jerome Adams warned Americans that next week would be "the hardest and saddest day for most Americans" and compared the pandemic with the attack on Pearl Harbor in 1941 and the September 11, 2001 attacks. He noted that the next week could be a turning point in the fight against the virus.
Considering the above, the situation in the global economy continues to deteriorate, so most experts believe that the medium-term precious metal will retain an upward movement vector.
Bullish signals prevail on the chart. The price has fixed above the level of 1610.00 and now has a good opportunity for further growth towards 1645.00.
Resistance Levels: 1645.00, 1680.00, 1700.00;
Support Levels: 1610.00, 1585.00, 1575.00.
The main scenario - an increase towards 1645.00.
An alternative scenario - a breakdown of support at the level of 1610.00 and a decline towards 1585.00.
The fundamental outlook is moderately positive. Bullish signals prevail on the chart, so within the daily framework we prioritize longs from the level of 1610.00.
Only from November 02nd, 2020, to January 04th, 2021, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of […]
Only from 23 to 25 of November, the largest no deposit bonus 100 USD is available for all Forex traders! 🏆 Bonus details: 100 USD maximum withdrawal 75 lots of required trading turnover 2 weeks to try all of the trading conditions Available for cent accounts 📍 How to get the bonus: 1) Register an […]