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Gold Bounced Down Strongly From The $ 1900 Level

Gold opens a new trading week with growth. Investors are reacting to news that Donald Trump signed a law on Sunday to implement new economic stimulus measures in the face of the coronavirus pandemic.

 

On Sunday, Trump signed into law under pressure from bipartisan lawmakers who promised to block his initiatives to amend the bill, which has been under development for several months. The signing of the law prevents a partial suspension of the work of the federal government and restores unemployment benefits to Americans who lost their jobs as a result of the COVID-19 pandemic.

 

The President also said he expects Congress to vote on a separate law that would increase direct payments to $ 2,000. In the House of Representatives, a vote on this bill may take place today.

 

The US dollar reacted to the news with a decline of almost 0.2%, which, as a rule, has a positive impact on gold. Gold gained more than 24% in 2020, largely due to its appeal as a hedge against inflation and currency depreciation amid unprecedented global stimulus measures to mitigate the impact of the COVID-19 pandemic.

 

On the chart, we note a fairly strong price rebound from the level of 1900.00. Nevertheless, the price is still holding above the support area formed in the range between the levels of 1867.00-1875.00. The bullish scenario of movement remains the priority in the medium term.

 

  • Resistance levels: 1900.00,1915.00, 1935.00.

 

  • Support levels: 1875.00, 1867.00, 1850.00.

 

The main scenario is a decline to 1875.00 and a renewed upward movement.

 

An alternative scenario is a breakdown of the support at 1867.00 and a decline to 1850.00.

 

The current fundamental outlook is moderately positive. We are looking for buy signals in the range of 1867.00-1875.00

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