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Gold is constrained in a narrow range

Gold is still constrained in a very narrow range amid the lack of important economic and geopolitical news on the market.

 

The market remains focused on news related to coronavirus and its impact on the global economy. According to Johns Hopkins University, as of July 6th, more than 2.8 million cases have been reported in the United States. 11.4 million cases of COVID-19 infection have been reported worldwide. According to a recent WHO report, the largest number of cases in the world was recorded within 24 hours over the past weekend.

 

The second wave of the pandemic could slow down the pace of global economic recovery, which is why the market remains in high demand for traditional defensive assets. The USD has a positive effect on gold, the index of which has decreased by more than 0.4% since the beginning of the day.

 

Regarding the economic calendar, the central event of today will be the publication of PMI data for the US non-manufacturing sector. Experts expect an increase from 45.4 to 50.0 points.

 

Regarding the chart, the situation has not changed. The price is kept below the level of 1780.00, therefore, we would consider a scenario with a moderate decline towards 1760.00 as the main priority today.

 

Resistance levels: 1780.00, 1800.00, 1820.00;

 

Support Levels: 1760.00, 1756.00, 1745.00.

 

The main scenario - a decline towards 1760.00.

 

An alternative scenario - a consolidation above the level of 1780.00 and growth to 1800.00.

 

The current fundamental outlook is neutral. We would consider shorts from the level of 1780.00

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