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Gold moves towards the $ 1800 level

On Wednesday, in Asia, the price of gold rose slightly due to declining yields on US Treasuries and growing concerns about the prospects for a global economic recovery amid a worsening epidemiological situation in many countries.

 

In recent days, major stock indices have been under pressure due to reports of the development of a new wave of the COVID-19 pandemic in Japan, India and other countries. This undermines investor confidence in the ability of the global economy to quickly recover from the crisis. Many investors ditch their risks in favor of gold and other defensive assets.

 

Additional support for gold is provided by high expectations that the ECB and next week the Fed will declare their commitment to the implementation of a stimulating monetary policy. This will lead to depreciation of major currencies. Gold has traditionally been one of the main insurance assets against increased inflationary risks.

 

Other metals are also trading in the green today. Silver is up over 1%. Platinum rose by 0.5%. Palladium is up by more than 1%.

 

The chart is dominated by bullish signals. Buyers kept the price above the 1760.00 level. Now quotes are approaching 1788.00. We expect a breakdown of this level and growth in the direction of the levels of 1800.00 and 1810.00.

 

  • Resistance levels: 1788.00, 1800.00, 1810.00.

 

  • Support levels: 1760.00, 1747.00, 1722.00.

 

The main scenario is a breakdown of resistance at 1788.00 and growth above 1800.00.

 

An alternative scenario is a decline from current levels to 1760.00.

 

The current fundamental background is weakly positive. We are considering longs from the level of 1775.00.

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