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Gold futures are edging higher at the start of the week as the US Dollar continues to weaken on stimulus discussions. US Congress is expected to reach an agreement in the coming days over a new relief package upwards of $900 billion. The precious metal is gaining 1.46 percent at the time of writing.
After last weeks dismal job report, US lawmakers are under pressure to formalize a new bill to tackle the ongoing economic crisis caused by a resurgence in covid-19 cases. President-elect Joe Biden has called for “urgent action” in the US Congress while House Speaker NANCy Pelosi mentioned on Friday that “momentum” is being felt in the current negotiations.
Gold bulls are cheering on the news of further stimulus and would ideally prefer a package closer to the $2 trillion deal reached back in April through any amount above $900 billion should stir up more buying momentum for gold in the short run.
Gold Traders are likely also reacting to the contraction in US treasury yields today as a reduction in yield reduces the opportunity cost of holding gold. The confluence of stimulus and lower yields is helping the yellow metal breakthrough last weeks resistANCe around the 1,852 mark.
From a technical perspective, the main trend in gold is up on the daily chart and a golden cross has formed suggesting further upside potential is present. The next bullish target will be to make a test of the 1,894.55-resistANCe level with a break above that likely reigniting the possibility of gold reaching 2,000 per ounce towards the end of the year.
(Chart Source: Tradingview 07.12.2020)
On the downside, gold should find support around between the 1,852.08.76- and 20-day MA channel with any push below likely to be capped at the 1,817.76 mark. Choppy Trading is to be expected in the run up to the holiday season with headlines surrounding Brexit, monetary stimulus, and covid-19 vaccines the usual suspects to be looking out for increased volatility in gold.
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：Daily Market Recap - GOLD Rising on Stimulus Plans
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