Prices of the ounce troy of the precious metal regain part of the ground lost following Tuesday’s sharp pullback and manage to reclaim the key $1,900 neighbourhood per ounce.
Indeed, the better mood around the precious metal comes after President Trump’s stimulus proposal of $1.8 trillion came in short of expectations according to House Speaker N.Pelosi.
Also adding to the investors’ appetite for the safe haven metal, the delivery of a successful vaccine against the COVID-19 remains elusive following news that Johnson & Johnson (NYSE: JNJ) and Eli Lilly and Co. (NYSE: LLY) have suspended their trials of their candidate vaccines.
The dollar, in the meantime, trades with a soft bias and also collaborates with the upside momentum in gold.
Gold key levels
As of writing Gold is up 0.64% at $1,903.02 and a breakout of $1,933.28 (monthly high Oct.12) would expose $1992,63 (monthly high Sep1) and finally $2,015.65 (high Aug.18). On the flip side, the next support lines up at $1,882.60 (weekly low Oct.14) followed by $1,873.05 (monthly low Oct.7) and then $1,848.66 (monthly low Sep.24).
XAU/USD
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