Gold maintains an upward trend due to the weakening USD, mixed stock market performance and rising tensions between the US and China.
On Monday, the United States imposed further restrictions on Huawei. This time, the United States has banned the company from purchasing American technology and microprocessors. The US Secretary of Commerce stated that the new restrictions are aimed at blocking attempts by the Chinese company to circumvent previously imposed restrictions. According to Reuters, the White House wants to add 38 more Huawei branches in 21 countries to the blacklist.
The Chinese Foreign Ministry has once again expressed concern about the actions of the United States and declined to comment on the postponement of negotiations, which were scheduled for August 15.
Declining USD remains the main driver for gold. A number of important factors continue to exert pressure on the American currency. Net sales of the US dollar reached the highest level since May 2011. The situation may change after the publication of the minutes of the last FOMC meeting, which will be presented on Wednesday.
Today in the economic calendar it is worth paying attention to the publication of data on the issued building permits in the USA for July.
The level of 1962.00 was broken yesterday. This is a good bid by buyers for the further development of the upward movement. Locally, resistance has moved to the level of 1995.00, but in the future we expect a breakdown of this mark and further growth of quotations to the area of 2030.00.
The main scenario - a rollback to 1980.00 and an increase in the direction of 2030.00.
An alternative scenario - a breakdown of support at 1980.00 and a decline to 1692.00.
The current fundamental outlook is moderately positive. We consider longs around the 1980.00 level.
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