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GOLD overview 11.08.2021

Gold rises on surging virus cases.

Gold under the bullish pressure today – as concerns over the economic impact of the Delta coronavirus variant led to the widespread safe-haven bullion buying. The on-going battle with the virus hotspots forming across China, Europe and also the Middle Eastern countries is adding to the safe-haven demand for the Gold – allowing it to reverse some of its earlier sharp losses. While there are signs of stabilisation in the gold market, tensions surrounding the economic impact of new virus infections are providing significant support to the process and are expected to continue to provide the support – until the herd immunity starts to form across the globe.

Expect buyers on downward corrections.

Next resistance to watch – 1763,00

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