Gold rises on weaker dollar.
Gold continues to rise under the effect of the weaker U.S. dollar, which is pressured down by the falling Treasury yields. The falling Treasury yields are diverting the flows out of the dollar and into Gold as an alternative to dollar. US retail sales just beat the estimates with a 9.8% rise and jobless claims fell to 576,000 – sending the positive signal about USA economy – which, still, failed to stop gold bulls at the moment. The other factor adding to the safe-haven inflows into gold is the fact that India and Thailand just reported record daily coronavirus cases – which threatens to undermine Asia’s recovery from the pandemic and is affecting the risk sentiment at the moment.
Expected buyers on downward corrections.
Next resistance to watch – 1755.00
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