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Gold correctively declines amid recovery in the US dollar

Gold traded 0.25% lower on Friday amid a recovery in the dollar.

 

From Tuesday to Thursday, gold showed good growth dynamics due to the weakening of the dollar, which fell to the lows of more than 2.5 years of trading. The US currency was under pressure from the outcome of the Fed meeting and the expectations associated with the adoption of a new package of economic stimulus measures in the US.

 

Negotiations on a bill on new measures to stimulate the economy continue. The bill is expected to be passed shortly. Recently Republicans and Democrats agreed that rejection of the agreement and further delay in negotiations is unacceptable.ย 

 

Senate Majority Leader Mitch McConnell said a bipartisan deal to stimulate the US economy "seems close," but bipartisan lawmakers may have to work over the weekend to get it through Congress. Legislators are now due to approve a $ 1.4 trillion 2021 budget. In this case, it will be possible to avoid the suspension of the work of the government.

 

There is no important news on the US economic calendar today. The main impact on gold will continue to be denied by geopolitical news and the dynamics of the movement of the dollar index.

 

A correctional movement from the level of 1895.00 is developing on the chart. The target for the rollback is the level of 1870.00. Resumption of upward movement can be expected from this level.

 

  • Resistance levels: 1895.00, 1900.00, 1915.00.

 

  • Support levels: 1870.00, 1861.00, 1849.00.

 

The main scenario is a rollback to 1870.00 and a resumption of upward movement.

 

An alternative scenario is growth to 1900.00 from the current levels.

 

The current fundamental outlook is neutral. We consider longs on a pullback to the 1870.00 mark.

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