SMM Network News:
The gold market rebounded after last week's slump, but fell again on Monday because of a vaccine news.
David Madden, senior market strategist at CMC Markets, said the $1850 / oz level was an important support level.
"the market is unlikely to have any more bad news."
Madden pointed out that the outbreak is unlikely to break any more big news, the gold will remain good.
Colin Cieszynski, chief market strategist at SIA Wealth Management, said the vaccine news would not change golden short-term expectations.
"Winter is coming, so there will be more stimulus to support the market, which is good for gold."
Charlie Nedoss, a senior market strategist at LaSalle Futures Group, said the continued outbreak in the United States and the large number of job losses will eventually lead to bipartisan agreement on new stimulus programs in the United States.
The last stimulus worked, but the effect has diminished because a lot of people have lost their jobs. Coupled with the possibility that the city may be closed again under the outbreak of the epidemic, then the stimulus project will eventually be launched. "
Nedoss pointed out that this week, we need to focus on the gold 20-day moving average of 1898 US dollars / oz.
Phillip Streible, chief market strategist at Blue Line Future, also said that due to the large-scale outbreak in the United States, he is bullish on gold.
"if gold can get back above $1900 an ounce, then investors don't have to worry too much, there will be new momentum in the gold market."
Adam Button, chief currency strategist at Forexlive, said that the $1850 / oz level is a concern for everyone and is easy to fall below, so he is neutral on gold prices this week.
The US election is also what the market continues to pay attention to.
Nicholas Frappell, global general manager of ABC bullion, said there are signs that some Republicans also want Republican candidate Donald Trump to throw in the towel, which is good for emerging market currencies and gold.
Frappell expects the gold market to remain in a narrow volatility zone, with key upward resistance of $1907 / oz, although the lower $1850 / oz level may require more attention.
"if gold falls below 1850, it will soon fall to $1838 an ounce."
