Home Gold News Bullion Counter May Trade With Bullish Bias

Bullion Counter May Trade With Bullish Bias

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Gold prices rose for a third straight session on Friday, supported by a weaker U.S. dollar, with investors awaiting the release of Chinese economic data due later in the day. The dollar index fell for a third consecutive session against its rivals, making gold cheaper for holders of other currencies. Data out of the United States on Thursday showed jobless claims dropped below one million last week for the first time since the start of the COVID-19 pandemic, although at least 28 million people are still receiving unemployment checks, indicating a weak labour market. Washington continues to remain in a stalemate over additional U.S. stimulus plan. President Donald Trump said he was blocking Democrats’ effort to include funds for the U.S. Postal Service and election infrastructure in a new coronavirus relief bill. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.1% to 1,252.09 tonnes on Thursday.

TREND : WEAK BEARISH

Time                                      :           14/08/2020

Pivot                                      :           1945.25

Technical View                     :             LONG ABOVE 1957.61

Target                                   :            1969.68, 1991.05, 2015.87

Technical View                     :             SHORT BELOW 1934.47

Target                                   :            1923.69, 1898.97, 1877.81

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