Gold futures are drifting sideways to lower for a second session on Wednesday due to optimism over potential COVID-19 and the lack of progress toward a U.S. fiscal stimulus package. Concerns over the economic impact from the resurgence of coronavirus cases in the United States are limiting losses. Furthermore, long-term monetary stimulus from the U.S. Federal Reserve is also underpinning the market.
At 07:20 GMT, December Comex gold is trading $1880.20, down $4.90 or -0.26%.
What's next?
The direction of the December Comex gold market on Wednesday is likely to be determined by trader reaction to the main 50% level at $1889.70.
For bullish scenario, a sustained move over $1889.70 will indicate the presence of buyers. This could trigger a quick surge into the minor pivot at $1907.10. This is a potential trigger point for an acceleration to the upside with the next major target $1966.10 to $1970.10.
For bearish scenario, a sustained move under $1889.70 will signal the presence of sellers. This could create the downside momentum needed to challenge the potential support cluster at $1848.00 to $1842.60. The latter is a potential trigger point for an acceleration into the July 14 main bottom at $1819.30.
Original analysis: https://www.fxempire.com/forec...
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