Over the last week, the price of the yellow metal was seen to track an upward rise - approaching $1,900, on the back of USD weakness and sluggish US equities.
Should the stimulus package be approved, it will further add on to the US public debt which is currently climbing at a historic pace– which in turn will be leverage to support the case for gold price rise.
Three factors that might spur gold buyers:
50-day EMA around $1,908, 21-day EMA near $1,912 and a falling trend line from August 2007 at $1,932.50.
For sellers:
The $1,881.77 region can probe sellers as it highlights the 100day EMA level of $1,857.
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