XAUUSD, H4
This week, market sentiment has fluctuated due to various factors. It started with President Trump’s positive Covid-19 test, and was followed by a tweet by Trump on Tuesday that there will be no negotiations on aid measures until the election is over. Trump told Fox News yesterday, “I started seeing progress in negotiations” and “This is a great opportunity to do something.” As a result, the stock markets rallied, and demand for dollar fell.
However, yesterday’s gold price movement occurred during the announcement of unemployment claims. That figure came out at 840K, slightly lower than the previous but higher than the 820K forecast, immediately causing the Dollar to weaken. At the same time gold hit a key resistance of $1,900 and dropped to a low of $1,881 before recovering to $1,910 this morning.
From the technical perspective, in the middle term gold prices are still in a downtrend. As the price of gold tries to come back up, the first resistance is at the two-week high at $1,918, which may allow us to see another MA200 test after Tuesday’s failure to break through after Trump’s tweet, while $1,900 will become a major support today.
There is no major news in the US economic calendar today, but there is the possibility of volatility from other news such as the US fiscal aid measures.
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Chayut Vachirathanakit
Market Analyst – HF Educational Office – Thailand
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