U.S. coronavirus cases rose 2%, or about 56,000 on Sunday compared with the previous day, more than the seven-day average, according to Johns Hopkins University. Meanwhile, the World Health Organization also reported a one-day high in global Covid-19 infections over the weekend.

Spot gold has been modestly rising, as investors are weighing the resurgence of coronavirus infections against potential treatment for the virus. Last week, pharmaceutical giant Pfizer and German biotech company BioNTech announced early positive data of its Covid-19 vaccine and said they could possibly produce up to 100 million doses by the end of 2020.

From a technical point of view, spot gold remains on the upside as shown on the daily-chart, though has not yet accelerate its rally. In fact, it is holding up well after breaking above a 2-month consolidation range. Nevertheless, investors would have to notice that the daily RSI keeps showing a bearish divergence. The level at $1,715 might be considered as the nearest support, with prices trending to test the 1st and 2nd resistance $1,825 and $1,855 respectively. Alternatively, a break below $1,715 may trigger a deeper pull-back to test the next support at $1,675.

- advertisement -

Previous articleAsia Morning: U.S. Dollar Slips, Gold Firm
Next articleECB Villeroy: Non-conventional becomes the quasi-conventional
DISCLAIMER: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.