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At the start of a new trading week, gold shows moderate growth

Gold on Monday is trading with a moderate increase amid falling stock indices. Investors ignored strong statistics from China and focused on news of possible new US sanctions against a number of high-ranking Chinese officials.

 

According to media reports, the United States may impose new sanctions on at least ten Chinese officials on Monday who are involved in pressure on the opposition in Hong Kong. Many fear Trump may step up pressure on China in his final weeks in the White House.

 

Investors also continue to follow the debate around the adoption of a new stimulus package in the United States and the licensing process for COVID-19 vaccines. Congress is expected to pass a $ 908 billion bipartisan bill by December 11, after which lawmakers will go on hiatus. The FDA is due to meet Thursday to discuss vaccines from Pfizer Inc and BioNTech. If the FDA authorizes emergency use of the vaccine, its active use could begin within 24 hours, said Health and Human Services Minister Alex Azar. According to Azar, the domestic demand for the vaccine will be fully satisfied by the 2nd quarter of 2021.

 

There is no important news in the economic calendar today. Investors will focus on geopolitical news.

 

On the chart, buyers were able to hold support around the 1830.00 mark. Now a moderate upward movement is developing with the nearest target at the level of 1850.00. Further prospects for the development of the upward movement will depend on the price reaction to the level of 1850.00.

 

  • Resistance levels: 1850.00, 1870.00, 1884.00.

 

  • Support levels: 1830.00, 1810.00, 1780.00.

 

The main scenario is growth to 1850.00.

 

An alternative scenario is a breakdown of the support at 1830.00 and a decline to 1810.00.

 

The current fundamental outlook is moderately positive. We consider buying with moderate risks from the level of 1830.00.

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