- Gold eases from a four-day high of $1,883.08 flashed the previous day.
- Markets await fresh clues to extend the latest risk-on sentiment.
- Vaccine hopes, expectations of further stimulus keep the buyers positive but COVID-19 resurgence probes the bulls.
- Cautious sentiment ahead of the first US Presidential Election debate, Brexit talks also challenge the bullion optimists.
Gold traders are waiting for extra directions to extend the biggest recovery move in a month. In doing so, the yellow metal fades the previous day’s upside momentum near $1,880 amid the pre-Tokyo open Asian trading on Tuesday.
Are bears sneaking in?
Given the commodity buyers’ pause, coupled with a lack of major data/event ahead of the key US Presidential Election debate, concerns over the short-term strength of the safe-haven metal can’t be ruled out.
Also adding questions to gold’s latest pullback could be the recent announcements by US House Speaker Nancy Pelosi who said, "We have been able to make critical additions and reduce the cost of the bill by shortening the time covered for now." The news inflates the hope of the American stimulus and can reduce the rush to risk-safety for now.
Meanwhile, UK PM Johnson is up for announcing further helps to combat the fears of economic slowdown as the coronavirus (COVID-19) resurgence and Brexit uncertainty attack the previous optimism.
It’s worth mentioning that the rising numbers of the pandemic are pushing the UK and Europe towards strict activity restrictions while two cities of Canada, namely the Quebec City and Montreal, will be under red alert from October 01.
Amid all these plays, S&P 500 Futures gain 0.20% to 3,353 after Wall Street marked a notable bounce.
Looking forward, a light calendar in Asia may keep gold traders directed towards risk catalysts for fresh impetus. In doing so, news concerning the US aid package, virus and vaccine will join the Brexit and American Presidential Election could entertain the momentum traders.
A clear break of the September 21 low of $1,882.30 becomes necessary for the bulls to attack the $1900 threshold. Though, August month’s low near $1,903 will precede 50-day EMA figures surrounding $1,908/09 to probe the gold buyers afterward. Meanwhile, sellers are less likely to enter unless the bullion prices drop below $1,848.
Additional important levels
|Today last price||1881.38|
|Today Daily Change||19.62|
|Today Daily Change %||1.05%|
|Today daily open||1861.76|
|Previous Daily High||1875.23|
|Previous Daily Low||1852.46|
|Previous Weekly High||1955.66|
|Previous Weekly Low||1848.84|
|Previous Monthly High||2075.32|
|Previous Monthly Low||1863.24|
|Daily Fibonacci 38.2%||1861.16|
|Daily Fibonacci 61.8%||1866.53|
|Daily Pivot Point S1||1851.07|
|Daily Pivot Point S2||1840.38|
|Daily Pivot Point S3||1828.3|
|Daily Pivot Point R1||1873.84|
|Daily Pivot Point R2||1885.92|
|Daily Pivot Point R3||1896.61|
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