Chart of the Day Spot Gold Analysis

Will Gold hold its golden run?

News that US President Donald Trump is open to talking about another possible stimulus bill gave the market a lift. This might undermine gold prices as they are often seen as a hedge against both inflation and monetary debasement.

In its more traditional geopolitical haven investment, the role of gold got a boost from signs that the key international relationship between China and the US was weakening further. Trump said he had no interest in talks with Chinese leader Xi Jinping at this stage, even hinting that he could completely cut ties over China’s handling of Covid contagion.

The major price points are at 1738.50, 1750 & 1797 before it makes way for all-time highs.

Sellers are very active usually near this kind of resistance level as we saw in the past month. So it will be quite difficult for the market as well to break these key levels & also the stimulus talks might ruin the party for Gold bulls.