GOLD
As the dollar weakens, gold prices are rallying above $1,900 and nearing the first resistance area of $1,920. Hopes for further fiscal stimulus and expectations for other central bank interventions – maybe not in the immediate future, but in 2021 – are keeping an historical high attention on gold.
From a technical point of view, we are seeing a recovery of strength of gold, which is continuing its rebound from the key support zone of $1,850-1,860. As long as prices remain above this threshold the trading range of the last two months, between ,850 and ,070, remains valid, while the main trend remains supportive for bullion.
Carlo Alberto De Casa – Chief analyst, ActivTrades
Disclaimer: opinions are personal to the authors and do not reflect the opinions of LeapRate. This is not a trading advice.
