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Gold price rises after reports of Trump’s COVID-19 infection

Gold rose sharply on Friday and hit a new 7-day high after it became known that Donald Trump and his wife had contracted the coronavirus.

 

Donald Trump tweeted about the positive test for COVID-19. He also confirmed a positive test result for his wife Melania Trump. “We will immediately begin the quarantine and recovery process. We will go through it TOGETHER! " - wrote Trump on his Twitter.

 

The news of Trump's illness put pressure on stock indices, which went into the red trading zone. Trump's disease significantly increases the uncertainty of the U.S. presidential race. Investor risk appetite has plummeted. Investors have a preference for gold and other traditional defensive assets.

 

Another factor of uncertainty today is the report on the US labor market, which will be published later. Experts predict a decline in the unemployment rate from 8.4% to 8.2% and weaker data on employment in the non-agricultural sector. We are waiting for increased trading volatility today.

 

On the chart, the bulls have successfully overcome resistance at 1900.00 and are moving towards the next target at 1921.00. With the increased volatility of trading today, we can see a breakdown of this level.

 

  • Resistance levels: 1921.00, 1937.00, 1967.00.

 

  • Support levels: 1895.00, 1884.00, 1867.00.

 

The main scenario - growth to 1921.00 and a breakdown of this mark.

 

An alternative scenario - a downward reversal from the level of 1921.00.

 

The current fundamental outlook is positive. We consider longs when the price rolls back to the range of 1895.00-1905.00.

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