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Gold rises after publication of weaker data on China’s GDP growth

 

Weaker-than-expected macroeconomic data from China helped boost gold prices during Asian and early European trading sessions.

 

According to the National Bureau of Statistics of China, in the third quarter, the country's GDP increased by 4.9%, against the forecast of 5.2%. GDP growth compared to the 2nd quarter amounted to 2.7%, against the forecast of + 3.2%. Both indicators were below market expectations, indicating that China's economy is struggling to grow in a challenging global economic and epidemiological environment. Before the pandemic, the growth rate of China's economy in 2020 was expected to be between 5.5% and 6.0%. At the same time, the volume of industrial production in China in September increased immediately by 6.9%, compared to the same period last year. The forecast was at 5.8%.

 

Also in the spotlight of investors is news from the United States, where House Speaker Nancy Pelosi stated that inter-party negotiations on the formation of a new package of economic assistance measures could end on Tuesday. She stated that the final decision on this issue should be made by the White House. If Trump does not agree to the Democratic proposal, the bill will be passed after the US presidential election.

 

There are no important reports on the economic calendar today. Investors will follow the speech of the head of the Fed Jerome Powell and the news of geopolitics.

 

The instrument retains a moderate upward movement on the chart. Buyers defended support at 1892.00. We are expecting growth of quotations to the nearest serious resistance at 1922.00.

 

  • Resistance levels: 1922.00, 1937.00, 1967.00.

 

  • Support levels: 1892.00, 1875.00, 1867.00.

 

The main scenario - growth to 1922.00.

 

Alternative scenario - a decline from the current levels to 1892.00

 

The current fundamental outlook is neutral. We consider longs in the range of 1892.00-1896.00.

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