Gold prices were steady as mixed statements regarding the new Coronavirus relief bill, kept the bullion afloat. Top White House officials
downplayed the possibility of more coronavirus relief, while House Speaker Nancy Pelosi disparaged U.S. President Trump for backing away from talks on a comprehensive deal. U.S. Federal Reserve policymakers split over how to apply a new strategy for monetary policy at their September meeting, and, amid growing doubts about the path of the economy, offered no clear sense of their next steps to offset the coronavirus recession, minutes from their September meeting showed. Apart from BOE and ECB meeting minutes scheduled later in the day wherein comments from their respective Governors will be important to watch for, market participants will also focus on the US weekly jobless claims data; if recorded better than expectations it could support the metal prices.
Technical: we like to monitor H4 support at $1,871 today. A H4 close below $1,871 could trigger bearish scenarios to H4 support at $1,835, which sits just under daily support at $1,841 (the next downside target on the daily timeframe). A decisive rebound from $1,871, nevertheless, suggests the pendulum may swing in favor of weekly bulls off support at $1,882.
downplayed the possibility of more coronavirus relief, while House Speaker Nancy Pelosi disparaged U.S. President Trump for backing away from talks on a comprehensive deal. U.S. Federal Reserve policymakers split over how to apply a new strategy for monetary policy at their September meeting, and, amid growing doubts about the path of the economy, offered no clear sense of their next steps to offset the coronavirus recession, minutes from their September meeting showed. Apart from BOE and ECB meeting minutes scheduled later in the day wherein comments from their respective Governors will be important to watch for, market participants will also focus on the US weekly jobless claims data; if recorded better than expectations it could support the metal prices.
Technical: we like to monitor H4 support at $1,871 today. A H4 close below $1,871 could trigger bearish scenarios to H4 support at $1,835, which sits just under daily support at $1,841 (the next downside target on the daily timeframe). A decisive rebound from $1,871, nevertheless, suggests the pendulum may swing in favor of weekly bulls off support at $1,882.