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Gold Supported, Equities Slide

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COMEX Gold futures lingered around $1900 per ounce mark yesterday amid broad worries on US fiscal stimulus and Covid-19 resurgence. The metal currently trades at $1910 per ounce, up 0.27% on the day. The spurt of the coronavirus in Europe has continued in recent days. France reported a record daily rise in new infections on Sunday, Italy ordered bars to close early and shut public gyms and Spain issued a nationwide curfew to stem a worsening outbreak. The US also reported a record number of daily COVID-19 infections on Friday with more than 83,000, surpassing its mid-July peaks.

Gold prices gained in early Asia trade on Tuesday, supported by a weaker dollar and concerns stemming from the surging coronavirus spread globally and its economic fallout. Spot gold rose 0.3% to $1,907.77 per ounce. U.S. gold futures were up 0.2% at $1,909.20. The dollar index slipped 0.1% against a basket of currencies, making gold cheaper for holders of other currencies. U.S. House of Representatives Speaker Nancy Pelosi is hopeful that congressional Democrats and the Trump administration can reach agreement on the coronavirus relief bill before the elections, however White House economic adviser Larry Kudlow told reporters on Monday that talks have slowed. Sales of new U.S. single-family homes unexpectedly fell in September after four straight monthly increases, but the housing market remains supported by record low mortgage rates and demand for more space as the COVID-19 pandemic drags on. Britain said on Monday that time was very short to bridge the significant remaining gaps on key issues in talks with the European Union, as EU chief negotiator Michel Barnier heads to London to continue negotiations.

TREND : WEAK BULLISH

Time                                      :           27/10/2020

Pivot                                     :          1904.51

Technical View                     :           LONG ABOVE 1909.14

Target                                   :           1913.78, 1919.83, 1929.33

Technical View                      :           SHORT BELOW 1901.17

Target                                   :           1897.83, 1883.43, 1882.28

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