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Gold prices tend to rise together with risky assets as investors try to hedge their exposure to stock investments. Indeed, the risk sentiment changes every day, sometimes even during one day. It forced investors to react quickly and switch between risky assets and safe-havens according to the market mood. However, constantly increasing virus cases forced investors to buy gold, as well. Despite successful vaccine tests, there is no still any vaccine. New infections will continue rising and may push gold prices to $2 000. Also, Sino-American tensions may deteriorate the market sentiment and increase the demand for gold. Moreover, yesterday the mixed data from China and the USA showed that the global economic recovery will take a lot of time to reach pre-crisis levels.
Gold fell down significantly yesterday, but today it reversed. XAU/USD rose on the weak US dollar. The greenback, in turn, slumped because of the strong EUR based on the optimism over the EU’ 750-billion-euros recovery fund. Gold is moving upward to $1 810. If it breaks this level, it may surge higher to the resistance at $1 815. Support level are at $1 794 and $1 789. Bulls will remain in control as long as the gold price is above the key support at $1 789.
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
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