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Gold is constrained in a narrow range in anticipation of the US labor market data publication

Gold is still trading in a very narrow range, maintaining a fairly close direct correlation with the dynamics of the stock market. Typically, these instruments move in the opposite direction.

 

Today, it is possible that the market situation will change dramatically. Investors are awaiting the publication of fresh data on the US labor market. Experts predict an increase in the number of applications for unemployment benefits by 5,250 thousand. The market reaction to this news can be very strong amid reduced market liquidity ahead of a big Easter weekend. Friday is a day off in the USA, EU countries, Great Britain, and some Asian countries, so financial markets will be closed.

 

In the medium term, gold retains good growth opportunities amid the spread of the coronavirus pandemic and the worsening situation in the global economy.

 

Regarding the chart, the situation for the day has not changed. Bidding is still held in a fairly narrow range, located at around 1645.00. While buyers keep the price above this level, the scenario with the development of the upward movement in the direction of 1680.00 remains a priority.

 

Resistance Levels: 1680.00, 1700.00, 1720.00;

 

Support Levels: 1645.00, 1610.00, 1585.00.

 

The main scenario - an increase towards 1680.00.

 

An alternative scenario - a breakdown of support at the level of 1645.00 and a decline towards 1610.00.

 

The fundamental outlook is moderately positive. We give preference to longs, but it is best to look for market entry points after the formation of a false breakdown level of 1645.00.

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