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Gold is sustained above $1,700

Gold is constrained above $ 1,700. Demand for gold is supported by news related to the aggravation of relations between the USA and China.


Recently it became known that the Donald Trump administration may bring new charges against China. According to various information sources, in the coming days, the US Federal Bureau of Investigation and the Department of Homeland Security may publish statements accusing Beijing of trying to gain information about the results of medical research related to the development of the COVID-2019 vaccine. The final text of the statement has not yet been agreed and plans for the publication of this information may be changed in the future. More detailed information on the evidence base for the hacker attacks is not yet available.


Investors fear increased tension between official Beijing and Washington.

High demand for gold is also supported by concerns over the outbreak of the second wave of the pandemic. After a long pause, new cases of virus infection were recorded in Wuhan. On May 10, China officially announced 17 new infections. Media reports block the city of Shu Lan in Jilin Province. The city is located on the border with North Korea. 27 new infections on May 10 were reported in South Korea.


There is no important news in the economic calendar today. Most likely, we expect a fairly calm trading day. The main impact on the dynamics of gold will have international news and the situation on stock exchanges.


Regarding the chart, we note an unsuccessful attempt of the bulls to overcome the resistance at the level of 1722.00. Within the daily framework, the priority scenario is the development of a flat in the range 1695.00-1722.00.


Resistance Levels: 1722.00, 1740.00, 1750.00;


Support Levels: 1695.00, 1670.00, 1645.00.


The main scenario - a consolidation in the range of 1695.00-1722.00.


An alternative scenario - a breakdown of resistance at the level of 1722.00 and an increase in the direction of 1740.00.


The current fundamental outlook is neutral. Today we consider short-term longs with a decrease in price to the area of ​​1695.00.

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