Illustration photo of Gold Price H4 Chart from dailyfx.com
Gold prices continue to consolidate near $1850. However, the greenback’s rise puts pressure on the precious metal. Current U.S. politics, new COVID-19 economic stimulus measures, impact of a global vaccination and the new coronavirus strain will be key factors on gold prices.
President-elect Biden has called for further immediate economic stimulus measures, with December nonfarm payroll (NFP) data released exerting more pressure on policies but this means a clearer guidance for market traders.
Federal Reserve’s Richmond President Thomas Barkin has hinted towards an optimistic second half of 2021 with the substantive goal of reducing quantitative easing. This will help the dollar and slow down the rise of gold prices. However, it is worth noting that a cautious outlook is still maintained by the market.
The daily closing gold price is below the 200-day moving average, together with the rebound of the uptrend line since March 2020, gold buyers can be hopeful unless a clear decline above $1816 is seen.
As of 08:58 (GMT+8), gold prices rose to $1845, or 0.09%.
FOLLOWME XAU/USD Overall Sentiment (As of 09:46 a.m., Jan 12, 2021)
Short - 50.09%
Long - 49.91%
Source: 24k99.com
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