Gold exceeded $2.000 per ounce. Stock futures rose on Wednesday as investors awaited further updates on stimulus talks.
GOLD: establishing a higher base?
Information is not investment advice
The gold price has been rising since the middle of last week. Fueled by the US-China tensions, it comes to test the resistance of $1,750. This level marks the upper border of the channel in which the price has spent most of the last two months. Breaking it and eventually doing the same to $1,765 would mean that finally, gold is planning to establish a new baseline level. Will that happen this week? Very possibly. For that, let's watch the news and the response of the gold price around the mentioned key resistance levels.
New COVID-19 cases globally have been on the rise lately, although it is too early to call them second waves in most countries.
With the pandemic claiming about 1000 lives a day in the United States, many departments said they lack the money and the staff to identify people who have been exposed, according to a survey of a 121 local agencies.
US stocks are set to open lower Friday, with investors worry over rising tensions between the US and China, deadlock over the next virus relief bill and possible disappointments from the key monthly employment report.
The pair was falling down amid the waning US dollar. However, the situation changed this month.
Dollar continues to keep firmer on the day, all eyes on the US jobs report later.