Rising geopolitical tensions and jobless claims topping 2 million for the 9th straight week did little to lift gold prices, ending yesterday’s session at $1725.55, while concerns over a second wave of Covid-19 infections along with further escalation in U.S-China relationships should keep the yellow metal well supported. Looking ahead, the catalyst needed for higher prints is an hourly close above our resistance level at $1730 which coincides with the 200-period SMA.
Support: 1717.50 / 1708.56 / 1700
Resistance: 1730 / 1738 / 1750 / 1764
