Gold is close to the $1800 per ounce mark. Demand for gold and other protective assets is growing due to concerns related to the start of the second wave of the coronavirus pandemic.
According to Johns Hopkins University, on July 8, 11.8 of COVID-19 cases were confirmed worldwide. In the United States, the number of confirmed cases exceeded the 3 million mark. Some states increase quarantine measures. Local quarantine measures have been introduced in selected regions of Australia. The tougher measures of social isolation in Hong Kong and other regions of China and Asia are considered.
Three representatives of the FRS stated that an increase in COVID-19 infections would impede the country's economic recovery. Prospects for the further development of the economy will directly depend on the situation with the pandemic.
Amid increasing economic risks, stock indexes moved mainly to the red trading zone, providing additional support to gold and other protective assets. Gold retains good chances for continued growth.
There are still no major events in the economic calendar. Today, geopolitical news and stock market conditions will remain the main drivers of market movement.
The upward trend continues to develop on the chart. The immediate goal for the bulls is the level of 1800.00. After achieving this goal, we can expect the formation of a local retreat.
Resistance Levels: 1800.00, 1820.00, 1830.00;
Support Levels: 1774.00, 1760.00, 1745.00.
The main scenario - an increase towards 1800.00.
An alternative scenario - a decline to the 1774.00 mark from current levels
The current fundamental outlook is moderately positive. We would consider longs from the levels of 1788.00 and 1774.00.
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