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Gold is held sideways

Gold and major stock indexes are holding in a narrow flat today. Investors have taken a wait-and-see attitude before the release of important economic and political news.

 

In the economic calendar today, the focus will be on preliminary data on the PMI of the manufacturing and service sectors in the EU and the US. This data will show how strong the impact on the economy is the second wave of the coronavirus pandemic, which is now gaining strength.

 

In political news, investors are looking forward to the end of long inter-party negotiations in the United States. Recently, a Speaker of the House of Representatives Nancy Pelosi expressed optimism that the deal will be reached "fairly soon", saying that there is progress in negotiations with the White House. At the same time, White House economic adviser Larry Kudlow warned that "significant political differences" still exist that are unlikely to be resolved before the elections.

 

The general fundamental background in the market can now be described as neutral.

The situation on the chart has not fundamentally changed. Trades are still held in the horizontal range of 1892.00-1930.00. A more priority scenario is now the scenario with the price going down from the flat.

 

  • Resistance levels: 1930.00, 1937.00, 1967.00.

 

  • Support levels: 1892.00, 1875.00, 1867.00.

 

The main scenario - a breakdown of support at 1892.00 and a decline to 1875.00.

 

An alternative scenario - a consolidation in the range of 1892.0-1930.00.

 

The current fundamental outlook is moderately negative. We consider shorts with very moderate risks from the level of 1906.00.

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