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Gold rewrites multi-year maximums

Gold maintains an upward trend and is approaching $1900 per ounce.

The sluggish global economic recovery, the spread of the COVID-19 pandemic, increased stimulus measures introduced globally by Central Banks, and heightened political tensions between the US and China are forcing investors to invest in safer assets.

 

On Wednesday and Thursday, the main attention of investors is focused on the unexpected escalation of relations between the official Beijing and Washington. Yesterday, the United States demanded that China close its consulate in Houston until Friday, on charges of espionage and intellectual property theft. The Chinese Foreign Ministry condemned the move on Twitter, describing the move as a "political provocation." China has promised retaliatory action. Beijing is considering closing the US consulate in Wuhan, according to Reuters.

 

Many experts note that the growth of tension between Washington and Beijing will only grow as the US presidential election approaches. The conflict between the two countries could significantly slow down the recovery of the global economy, which is now experiencing the most difficult period since the Second World War.

 

Today, most likely, geopolitical news will act as the main drivers of market movement. In the economic calendar, it is worth paying attention to the publication of weekly data on the US labor market.

 

In general, the market maintains a favorable fundamental background for the continuation of the long-term upward trend in gold.

 

The chart is still dominated by a strong bullish trend. There are no reversal signals. The bulls are increasing upward pressure to the 1875.00 level. We are expecting a breakdown of this mark and the development of the upward movement to 1890.00.

 

Resistance levels: 1875.00, 1890.00, 1900.00;

 

Support levels: 1863.00, 1844.00, 1817.00.

 

The main scenario - a breakdown of resistance at 1875.00 and an increase in the direction of 1890.00.

 

An alternative scenario - a breakdown of support at 1863.00 and a decline to 1844.00.

 

The current fundamental outlook is positive. We would consider longs at the levels of 1863.00 and 1850.00.

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