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Gold is constrained in a flat

On Wednesday, gold is on a slight decline amid positive sentiment prevailing in financial markets. Investors responded positively to news from Moderna. Tests of the new vaccine demonstrated the production of antibodies to the COVID-19 virus. But the loss of gold and other protective assets is still very limited due to the aggravation of relations between the US and China and reports of an increase in mortality from coronavirus.

 

The day before, US President Donald Trump signed a bill on sanctions against China due to actions in Hong Kong. Trump also canceled trade and economic preferences for this region of China. The Chinese Foreign Ministry announced a response against citizens and US organizations that are involved in the adoption of this law.

 

The situation with COVID-19 around the world continues to deteriorate. California Governor Gavin Newsom ordered the reintroduction of social distance measures. Other states continue to tighten quarantine measures.

 

Tokyo announced raising its COVID-19 warning level to the highest. New quarantine measures were introduced in Hong Kong, gyms and beaches throughout the city were closed, and the requirements for social distance were strengthened.

 

Trading is still constrained within the wide flat of 1793.00-1820.00. Now the price is in the middle of the trading range, so in the short term it can continue to move both up and down. To enter the market, you need to wait for the testing of one of the borders of the sidewall.

 

Resistance Levels: 1820.00, 1830.00, 1850.00;

 

Support Levels: 1793.00, 1774.00, 1760.00.

 

The main scenario - a decline from current levels to 1793.00.

 

An alternative scenario - growth by 1820.00.

 

The current fundamental outlook is neutral. There are no good signals on the chart - it would make sense to stay out of the market.

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