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Unexpected news from the US weakened demand for gold

Gold is under pressure on Wednesday and is trading near Tuesday's lows. Gold is under pressure due to the unexpected decision of Donald Trump, who threatened to veto the law on new measures to stimulate the economy in the context of the COVID-19 pandemic. Earlier, the bill was approved by the House of Representatives and the US Senate. Trump urged lawmakers to increase direct payments to the public. "I am asking Congress to amend the law and raise the ridiculously low $ 600 to $ 2,000 or $ 4,000 per family," Trump said.

 

President-elect Joe Biden said his administration will unveil another COVID-19 relief package early next year.

 

Investors also focus on news about the spread of the coronavirus pandemic and trade negotiations between the UK and the EU.

 

More countries continue to impose new travel restrictions to prevent the spread of the new COVID-19 B.1.1.7 virus strain. More than 40 countries have already closed air links with the UK. Vaccine manufacturers are now actively testing their developments on a new virus strain.

 

The European Union on Tuesday rejected the latest concessions from British Prime Minister Boris Johnson on the fishing issue. The negotiations are ongoing. Today, ITV journalists, referring to government sources, said that the parties are close to agreeing on all controversial issues and can sign a trade agreement today.

 

On the chart, the price dropped below the level of 1867.00, which makes the scenario with the development of a downward movement in the direction of the level of 1850.00 more likely to be worked out today.

 

  • Resistance levels: 1867.00, 1895.00, 1915.00.

 

  • Support levels: 1850.00, 1824.00, 1810.00.

 

The main scenario is a decline to 1850.00 and an upward reversal.

 

Alternative scenario is a consolidation above 1867.00 and growth to 1895.00.

 

The current fundamental outlook is neutral. We consider longs from the level of 1850.00.

 

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