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Gold aims for the $ 2000 level

Gold continues to consolidate near new all-time maximums.

 

The market maintains a favorable fundamental background for further growth in prices for gold. The long-term fueling of the bullish trend is provided by the soft monetary policy of the FRS and other world central banks. The weak dollar, combined with the FRS soft policy, is stimulating the growth of gold, bringing the price closer to the important psychological mark of $ 2,000 per ounce.

 

Locally, demand for defensive assets is supported by increased economic and political uncertainty in the United States.

 

From August 1, the unemployed stopped receiving additional benefits in the amount of $ 600 per week. On Monday, Republicans and Democrats again failed to agree on a new aid package. The Speaker of the House of Representatives stated that negotiations will continue, but she is not sure if the issue will be resolved before the end of this week. According to Fox News, the Trump administration is considering a number of options that may be available without congressional legislation.

 

The economic situation in the country is also of great concern, as a new outbreak of the virus could severely slow down the recovery process, after the economy stopped in March.

 

There is no important news on the economic calendar today. The dynamics of gold movement will depend on investor sentiment on stock exchanges and changes in the value of the US dollar.

 

The situation on the chart has not fundamentally changed over the past 24 hours. Buyers are increasing upward pressure to the 1981.00 level. As a priority, we continue to consider the scenario with the breakdown of this level and the development of an upward movement to 2000.00.

 

Resistance levels: 1981.00, 2000.00;

 

Support levels: 1963.00, 1945.00, 1921.00.

 

The main scenario - a breakdown of resistance at 1981.00 and growth to 2000.00.

 

An alternative scenario - a decline to 1963.00 and a renewed upward movement.

 

The current fundamental outlook is positive. We consider longs in the range of 1963.00-1968.00.

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