Gold Price Analysis: XAU / USD Looks Firmer Around $ 1,900 / oz

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Precious metal troy ounce prices They regain some of the ground lost after Tuesday’s sharp setback and manage to regain the key neighborhood of $ 1,900 per ounce.

In fact, the best mood around the precious metal comes after President Trump’s $ 1.8 trillion stimulus proposal fell short of expectations, according to House Speaker N. Pelosi.

Also adding to investor appetite for safe-haven metal, the delivery of a successful COVID-19 vaccine remains elusive following news that Johnson & Johnson (NYSE: JNJ) and Eli Lilly and Co. ( NYSE: LLY) have been suspended. their trials of their candidate vaccines.

The dollar, meanwhile, operates on a soft bias and also helps gold’s bullish momentum.

Key levels

At time of writing, gold is up 0.64% to $ 1,903.02 and a breakout of $ 1,933.28 (Oct 12 monthly high) would expose $ 1,992.63 (Sept 1 monthly high) and finally $ 2,015.65 (Sept 1 high). August 18). On the other hand, the next support is lined up at $ 1,882.60 (weekly low of October 14) followed by $ 1,873.05 (monthly low of October 7) and then $ 1,848.66 (monthly low of September 24).

Credits: Forex Street

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