Gold prices stay above $1,900/ounce, COVID-19 Outbreak Ticks Up
Gold prices have remained relatively stable, as it traded above the $1,905/0unce level at the start of its last trading session for the week.
This yellow metal has picked up gains in the past few weeks cumulatively on the lingering U.S stimulus deal, awaited by global investors and the COVID-19 onslaughts emanating from emerged markets.
Gold bulls seem to have enough gas to at least stay on course, on the bias showing financial markets globally and human mobility will be affected by the resurgence of the Covid-19 outbreak, as the number of people infected with the deadly virus surpasses 38 million world-wide.
Adding woes to gold bears is another vital fundamental, revealing the upsurge in COVID-19 outbreak had now facilitated calls for strict restrictions on human mobility as Europe’s largest economy Germany, marked the record high daily cases of COVID-19.
It’s important to observe gold bulls, amid this uncertainty, have not had it easy, as the yellow metal prices gets whipsawed by the greenback’s rebound ,on growing sentiments showing global investors switch into the safe-haven currency, revealing why price movements have been stuttering in the precious metal market of late, especially when gold futures approach the 1,915/ounce price levels.
Looking at the monetary angle, gold’s price upsides look limited, taking into consideration traders seem to be in a state of confusion, as the world’s most powerful central bank of late sends mixed signals, such as the extent of the economic recovery period, inflation overshoot thereby revealing Richard Clarida, John C. Williams and, Jerome Powell who effectively control the popular known central bank are not the same page, howbeit partly responsible for gold’s ranging pattern in the mid-term, as traders look clueless on what direction to go.
On its recent price action, Gold prices are more likely to range around $1,900-$1,915/ounce in the coming days depending on short-term greenback moves.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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