On Friday the price of gold is moderately declining, but overall gold retains good chances of renewing its upward movement due to a favorable fundamental background.
The demand for defensive assets on the market remains consistently high due to the high volatility of the stock market and general economic and geopolitical uncertainty and instability.
US tech stocks experienced another wave of sell-offs yesterday. Investors fear the continuation of the bearish trend and the global market reversal after strong growth in the summer.
Investor appetite for risk is eroding amid continuing tensions between the US and China, Brexit risks, US economic woes and uncertainty over the upcoming presidential elections.
The news that the US Senate on Thursday rejected a Republican bill to allocate additional funds to support the economy in connection with the coronavirus pandemic severely spoiled the mood of investors. Democrats insist on allocating significantly more funds to support the economy.
The economic calendar today will focus on the August US inflation data.
On the chart, the price went up from the flat channel of 1914.00-1947.00, but met strong resistance at 1967.00 and resumed its downward movement. Nevertheless, locally, the upward movement remains a priority, therefore, we expect a new rise in quotations from the current levels.
The main scenario - growth from the current levels.
An alternative scenario - a decline below 1940.00 and a fall to 1914.00.
The current fundamental outlook is neutral. We consider longs with very moderate risks from the level of 1940.00.
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