- Gold prices regain traction and hover around the $ 1,900 area.
- Weekly support appears to have appeared at the $ 1,880 zone.
- The US stimulus bill and the pandemic take center stage Wednesday.
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.
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