flag-gb flag-my flag-zh flag-id flag-th flag-vi

Gold is still constrained in a narrow range

Today gold is in the green zone due to the weakening of USD. Today the USD index has dipped by 0.1%. Gold remains closely inversely correlated with the US currency.

 

At the same time, the situation on the stock exchanges is a strong deterrent for gold. Major stock indices are in the green zone after the news of the negotiations between the US and China. On Monday night, US Trade Representative Robert Lighthizer, Treasury Secretary Stephen Mnuchin, and Chinese Deputy Prime Minister Liu He held a videoconference to discuss the terms of the interim trade agreement, which was signed earlier this year. Representatives of both sides assessed the negotiations as positive and very constructive.

 

Investors' appetite for risk is supported by hopes for an early introduction of the COVID-19 vaccine. According to media reports, Moderna completed negotiations with the European Commission recently regarding the supply of 80 million doses of vaccine after completion of all safety and efficacy tests. Earlier, EU representatives negotiated with 4 other companies that are close to completing vaccine trials.

 

Regarding the economic calendar, investors should closely follow the publication of data on the consumer confidence index CB and new home sales in the United States.

 

The flat trend with borders at the levels 1914.00-1955.00 remains relevant on the chart. It is possible to expect the formation of a trend movement only after fixing one of the borders of the price channel.

 

  • Resistance levels: 1955.00, 1971.00, 1993.00.

 

  • Support levels: 1914.00, 1875.00, 1850.00.

 

The main scenario - a consolidation in the range of 1914.00-1955.00.

 

An alternative scenario - a breakdown of support at 1914.00 and a decline to 1875.00.

 

The current fundamental outlook is neutral. We consider both longs and shorts based on the borders of the 1914.00-1955.00 channel.

Latest news

Share posts and earn money

2020-09-16 08:29:16

We are launching the long-awaited rewards program for all subscribers of our social networks – share posts with your friends and get money on your FortFS account as a reward! 🥇 The participants will get the following benefits: • Real money for reposts • The reward is available for withdrawal without restrictions • You can […]

No Deposit Bonus 100 USD

2020-08-20 20:43:20

Dear Traders, Make sure to receive $100 on your trading accounts only from the 20th to the 28th of August! No Deposit Bonus 100 USD is the best way to start trading and test all of the Company’s products! GET BONUS The bonus features: Withdrawal of up to 100 USD 75 lots of trading turnover […]