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Gold recovers after renewing 9-month low on Friday

Gold is trading moderately higher today after updating its 9-month low on Friday. Fundamental support is provided by the dynamics of the dollar, the yield curve of American Treasuries, the situation on stock markets and a number of other factors.

On Friday, the yield on 10-year US government bonds climbed to a new annual high of 1.625% after the publication of more positive data on the US labor market. But on Monday, the yield curve of American Treasuries turned down after the US Senate on Saturday approved a new bill on the allocation of $ 1.9 trillion to support the economy in a pandemic. Considering the above, the attractiveness of gold has grown as a hedge against inflation. At the same time, investors practically did not react to the speech of the US Treasury Secretary Janet Yellen, who tried to allay fears about inflation, noting that the real unemployment rate in the US is approaching 10%, and the labor market is still experiencing a significant decline.

There is no important news in the economic calendar today. All the market's attention will be focused on the situation on stock markets and the debt securities market.

Other metals are recovering on Monday following gold. Silver rose by more than 1.5%, platinum rose by 1.3% and palladium rose by 0.5%.

On the chart, the price has risen above the 1700.00 mark. This is a positive signal for gold, which indicates a possible development of a corrective movement towards 1720.00.

  • Resistance levels: 1720.00, 1741.00, 1760.00.
  • Support levels: 1700.00, 1680.00, 1670.00.

The main scenario is a rollback to 1700.00 and an increase in the direction of 1720.00.

Alternative scenario - growth to 1720.00 from current levels.

The current fundamental outlook is moderately negative. We consider longs with moderate risks after the price drops below the level of 1700.00.

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