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Sentiments Supported For Gold

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COMEX Gold rose amid soft US equities on Friday. The metal stayed well supported on economic worries posed by rising global Covid-19 cases. The COVID-19 pandemic threatens hard-won gains in health and education over the past decade, especially in the poorest countries, a new World Bank Group analysis finds. Investments in human capital—the knowledge, skills, and health that people accumulate over their lives—are key to unlocking a child’s potential and to improving economic growth in every country. Gold came off a one week low last Thursday and closed at $1958 per ounce, up 0.40% on the day.

Gold prices edged higher on Monday, propped up by a softer dollar while fresh coronavirus-induced curbs globally dented hopes of a swift economic recovery, with investor focus on speeches by Federal Reserve policymakers due this week. Spot gold rose 0.3% to $1,954.65 per ounce. U.S. gold futures inched 0.1% lower to $1,959.90. The dollar index was down 0.1% against its rivals, making gold more attractive for buyers holding other currencies. Fed policymakers on Friday began fleshing out what their new tolerance for inflation will mean in practice, an issue critical to how investors and households reshape their own outlooks even if it may not be relevant to any immediate decisions by the U.S. central bank. Investors are now looking forward to clues on Fed’s monetary policy as a slew of policymakers are due to make public speeches, including Chairman Jerome Powell, who will appear before Congressional committees later this week. Gold speculators raised their net long position by 10,622 contracts to 165,251 in the week ended Sept. 15. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 1.03% to 1,259.84 tonnes on Friday. Gold jewelers in India pinned hopes on an upcoming festive season, with dealers offering discounts for a fifth straight week to lure customers back to shops, as activity remained muted in Asian bullion hubs.

TREND : WEAK BULLISH

Time                                      :           21/09/2020

Pivot                                      :           1950.85

Technical View                     :             LONG ABOVE 1954.35

Target                                   :            1957.89, 1962.54, 1969.51

Technical View                     :             SHORT BELOW 1948.36

Target                                   :            1945.88, 1939.02, 1934.07

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