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Gold consolidates in a narrow range

Gold continues to consolidate in a very narrow range close to the updated 8-year highs. Gold may finish the 2nd quarter with the strongest growth since 2016.

 

Gold and other protective assets are supported by concerns related to the worsening epidemiological situation in the world. According to Johns Hopkins University, as of June 30, more than 10.2 million cases of the disease have been reported worldwide. The World Health Organization warned that the situation could worsen due to the lack of global cooperation in this direction.

 

The precious metal has a positive effect on the protracted conflict between the United States and China. The Ministry of Foreign Affairs of China has decided to limit the issuance of visas to US citizens who are trying to influence the actions of the authorities in relation to Hong Kong. Thus, the Foreign Ministry responded to the initiative of American lawmakers who intend to impose sanctions against Chinese companies and citizens involved in limiting the autonomy of Hong Kong.

 

Today, the focus of the market will be mainly news from the United States. The CB Consumer Confidence Index and a speech by the head of the FRS and the US Treasury Secretary to Congress are expected to be published today. Jerome Powell and Stephen Mnuchin will report on the implementation of economic stimulus measures that were previously approved by lawmakers.

 

Regarding the chart no significant changes have occurred.. The price is kept above the level of 1767.00. The bullish price movement scenario remains a priority. The closest target is at 1780.00.

 

Resistance levels: 1780.00, 1800.00, 1820.00;

 

Support Levels: 1767.00, 1756.00, 1745.00.

 

The main scenario - an increase towards 1780.00.

 

An alternative scenario - a breakdown of intraday support at the level of 1767.00 and a decline towards 1756.0.

 

The current fundamental outlook remains moderately positive. We would consider longs from the level of 1767.00.

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