Despite the weakening of the dollar, gold is trading with a moderate decline today. Demand for gold is declining due to growth of major stock indexes.
Investors today ignore the risks associated with a worsening epidemiological situation in Europe and other regions of the world, which may lead to a slowdown in the global economic recovery.
In Germany and France, record daily increases in the number of cases are recorded. The leading indicators already point to a slowdown in the recovery of the leading German economy. The difficult epidemiological situation continues to put pressure on the US economy. Over the week, the number of applications for unemployment benefits increased by 870 thousand, which indicates a slowdown in the economy.
The US dollar remains the main benchmark for gold. As long as the US currency maintains an upward movement vector, the opportunities for gold recovery will be limited.
Today the economic calendar will focus on the US durable goods orders report.
A moderate retracement movement develops on the chart from the level of 1853.00. Locally, the price is resisted by the level of 1875.00. Only after the breakdown of this mark can we expect the continuation of the correction to 1903.00 and above.
The main scenario - a rollback to 1853.00 and a resumption of upward movement.
Alternative scenario - growth and breakdown of the level of 1875.00 from current levels.
The current fundamental outlook is neutral. We consider buying near the level of 1853.00.
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