Gold Price Analysis

Gold Price Analysis

Gold left the daily consolidated trading range and retested multi-year tops around $ 1818 during the European session. Increasing coronavirus incidents in the US have reduced expectations for a rapid economic recovery and continued the demand for safe harbor precious metal. This provided additional support to the commodity in dollars, with fresh sales coming around the US dollar. The US dollar also received a new downward pressure on US Treasury bond returns. In addition, the prospect of additional incentive measures from the Eurozone and the US provided additional support to the inefficient yellow metal. Meanwhile, the intraday positive movement seemed to be largely unaffected by a moderate recovery in global stock markets. Meanwhile, in the past hour, the last leg of a sudden move took the intraday trading stops near the $ 1810-12 region. In the absence of a significant economic swing in the market, USD price dynamics can continue to play an important role on the commodity. Coupled with this wider sense of market risk, some meaningful trade opportunities will be sought.