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Gold remains under pressure

Gold starts the new trading week in Asia with a decline. The pressure on gold is again exerted by the dynamics of the American Treasuries yield curve. The index of yield on 10-year US Treasury bonds today rose to the level of 1.1010 (+ 0.75% since the beginning of the day).

 

The focus of investors remains on the debate on a new stimulus package for the US economy and the upcoming Fed meeting.

 

US President Joe Biden said the new stimulus program should be adopted as soon as possible, as the US economy can no longer wait. In turn, the senators said that the bill must be approved by February 8, when the process of impeachment of former President Donald Trump begins.

 

On Friday, the Senate profile committee approved Janet Yellen's candidacy for the post of US Treasury Secretary. In her speech, she again called on lawmakers to increase spending on aid to the economy.

 

According to Johns Hopkins University, the number of cases in the United States on Sunday exceeded 25 million, and the number of infected people in the world approached 100 million.

 

The FOMC meeting will end on Wednesday. Investors do not expect the Fed to change the main parameters of monetary policy. The statements of the participants of the meeting and the head of the FRS Jerome Powell will be of key importance for the market. Earlier, one of the representatives of the Fed, Charles Evans, said that the curtailment of economic stimulus in the United States could begin as early as the 3rd quarter of this year.

 

The bearish signals are still prevailing on the chart locally. The price is holding below the level of 1862.00. In the short term, we expect a decline in quotations towards the level of 1824.00.

 

  • Resistance levels: 1862.00, 1890.00, 1915.00.

 

  • Support levels: 1824.00, 1810.00, 1780.00.

 

The main scenario is a decline to 1824.00.

 

An alternative scenario is a breakdown of resistance at 1862.00 and growth to 1890.00.

 

The current fundamental outlook is moderately negative. Within the day, we consider shorts on a pullback to 1862.00.

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