Gold rose on expectations of additional U.S. stimulus.
Gold has been rising in the last trading sessions – reversing the previous sharp losses – as the expression of USD weakens as the investors are expecting interest rates will stay low for a long time in the United States, forcing yield-seekers to head elsewhere for better returns. The optimism over COVID-19 vaccines and the latest progress in approving the stimulus package in USA is also underpinning gold as the investors are starting to move out of the dollars on a large scale. Joe Biden coming to power in Washington could also lead to more stimulus – which would be the bullish signal for gold.
Expect buyers on downward corrections.
Next resistance to watch – 1850.00
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