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Gold has set a new semi-annual low of trading

Today in Asia, the price of gold dropped below $ 1,760, setting a new low in more than half a year of trading. It was the worst week for gold since the end of November 2020.

 

Today, the pressure on gold is exerted by the dynamics of the yield of American Treasuries. The yield on 10-year government bonds today is held above 1.3% and maintains an upward trend. For many traders, gold is losing its investment attractiveness.

 

In general, Friday's trading on the market is influenced by the data on the US labor market released on Thursday. Investors continue to digest the unexpected rise in US jobless claims over the past week. Contrary to forecasts, the number of new applications for the reporting week increased from 848 thousand to 861 thousand.This data indicates that in 2021 the United States will see weak job growth for the second month in a row, undermining recent investor optimism about the rapid recovery of the US economy after pandemics.

 

The negative impact on gold could also have had ambiguous data on the level of physical consumption of precious metals. Data released Thursday showed that monthly gold exports to India were the highest since May 2019, while exports to China and Hong Kong remained at record lows.

 

Against the background of the decline in gold, other precious metals were also under pressure. Silver, platinum and palladium are traded in the red.

 

Today the main focus of the market will be on the publication of preliminary data on PMI of the manufacturing and service sectors in Europe and the USA. Also in the US today will be presented data on sales in the secondary housing market for January.

 

The chart is still dominated by bearish signals. Today the instrument tested the support at 1760.00, from which a pullback movement is now developing. Correction can be choked as early as 1780.00. If the bulls still manage to overcome this mark, the price may rise to the level of 1794.00.

 

  • Resistance levels: 1780.00, 1794.00, 1800.00.

 

  • Support levels: 1760.00, 1745.00, 1705.00.

 

The main scenario is an increase to 1780.00 and a downward reversal.

 

An alternative scenario is a breakdown of resistance at 1780.00 and an increase to 1794.00.

 

The current fundamental outlook is moderately negative. We consider shorts at 1780.00 and 1794.00.

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