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Gold is trying to restore previously lost positions due to the weakening of the US dollar

Gold is trading in a tight range on Friday, with good scope for renewed upside.

The dynamics of the dollar movement (dollar index -0.2%) and the continuing uncertainty of the negotiations in the US and the EU have a positive impact on gold.

 

In the United States, inter-party negotiations continue on the launch of new measures to support the economy. Both sides continue to announce progress in the negotiations, but the final version of the bill has not yet been approved. Senate Majority Leader Mitch McConnell has expressed support for Treasury Secretary Steven Mnuchin's proposal, which is pushing the $ 916 billion program forward. House Speaker Nancy Pelosi supports a $ 908 billion alternative plan being developed by a bipartisan group of lawmakers.

 

In Europe, trade negotiations continue between the UK and the EU. Both sides have so far noted a lack of progress in the negotiation process, which increases the likelihood of Brexit without an agreement. The final decision on the future of the negotiations should be made on Sunday. Against the backdrop of continuing uncertainty, many investors will give preference to more reliable assets.

 

Gold is restrained by news about the possible start of a vaccination program for the population in the United States. On Thursday, a group of external FDA experts voted in favor of emergency use of Pfizer's BNT162b2 vaccine. The final decision of the FDA can be made within the next 24 hours, after which the United States will begin using the vaccine.

 

On the chart, buyers have been able to keep the price above the 1824.00 level so far. This is a positive signal. After consolidation, we can see a local growth of quotations in the direction of the level of 1857.00.

 

  • Resistance levels: 1857.00, 1870.00, 1884.00.

 

  • Support levels: 1824.00, 1810.00, 1780.00.

 

The main scenario is growth to 1857.00.

 

An alternative scenario is a breakdown of the support at 1824.00 and a decline to 1810.00.

 

The current fundamental outlook is neutral. We consider longs in the range of 1824.00-1830.00.

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