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Gold remains under pressure

On Friday, gold continued to move lower prior to the publication of the report on the US labor market.


The negative impact on the precious metal is still exerted by the high yield of the American treasuries and the positive dynamics of the movement of the dollar index. The growth of these instruments reduced investor interest in gold.


Previously, many investors were betting on the growth of gold if the Democratic Party won the elections in Georgia. In this case, Democrats will control both houses of Congress and will be able to implement the broader economic stimulus measures that Biden previously announced. Democrats won the election and now control both houses of Congress, but gold's reaction was opposite to market expectations, as these events triggered a rise in US debt yields. The dollar exchange rate has also stabilized in recent days.


Today, investors will focus on data on the US labor market. Experts predict a deterioration in some key indicators due to restrictions associated with the spread of the coronavirus pandemic. The unemployment rate is expected to rise from 6.7% to 6.8% and weaker data on employment growth in the non-agricultural sector.


Locally on the chart, sellers still have the initiative. Yesterday the price dropped below 1915.00. A downward wave is developing today towards the level of 1900.00. We are waiting for a breakdown of this mark and a decline in quotations in the direction of the level of 1967.00.


  • Resistance levels: 1925.00, 1935.00, 1967.00.


  • Support levels: 1900.00, 1867.00, 1850.00.


The main scenario is a breakdown of support at 1900.00 and a decline in the direction of 1867.00.


Alternative scenario - a breakdown of resistance at 1925.00 and growth to 1935.00


The current fundamental outlook is moderately negative. We consider shorts on a pullback to the level of 1925.00.

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