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Gold declined slightly in anticipation of Georgia vote results

In trading on Wednesday in Asia, gold showed a slight decrease of 0.3% in anticipation of the vote in Georgia.

 

Today, all investors' attention is directed to news from the state of Georgia, where the vote counting for the second round of the US Senate elections is taking place. According to the results of the vote, it will become clear which of the leading US political parties will gain control over the Senate. This will determine the expectations of investors regarding the prospects for further stimulus measures in the United States.

 

According to the latest information, incumbent Republicans David Purdue and Kelly Loeffler have a slight advantage over Democratic rivals John Ossoff and Rafael Warnock. The final results of the voting will be announced later today.

 

Also today, the US Congress will meet to count the electoral votes for the presidential election that took place on November 3.

 

The Federal Reserve System is to publish the minutes of the last meeting today. Most likely, the published documents will confirm the Fed's inclination to implement a softer monetary policy over a long period of time. But today this event is significantly inferior in importance to news from the State of Georgia, so the market reaction to the publication of the minutes can be very restrained.

 

A bullish wave is developing on the chart. The price has consolidated above the level of 1935.00 and is heading towards the next target at the level of 1967.00.

 

  • Resistance levels: 1967.00, 1993.00, 2000.00.

 

  • Support levels: 1935.00, 1915.00, 1900.00.

 

The main scenario is a pullback to 1935.00 and an increase in the direction of 1967.00.

 

An alternative scenario - consolidation below 1935.00 and falling to 1915.00.

 

The current fundamental outlook is neutral. We consider longs when the price drops below 1935.00.

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