Gold Price Futures (GC) Technical Analysis – Could Strengthen Over $1889.70, Weaken Under $1842.60

Gold futures edged higher on Tuesday, but gains were likely limited by a slightly stronger U.S. Dollar and steady-to-higher U.S. Treasury yields. Generally soft demand for higher risk assets also underpinned gold prices after yesterday’s steep plunge. Some traders said concerns over the speed over of the global economic recovery and expectations of further fiscal and monetary stimulus offered support to dollar-denominated asset.

At 21:39 GMT, December Comex gold futures are trading $1875.30, up $20.90 or +1.13%.

On Monday, gold dropped 4.6% after U.S. drugmaker Pfizer Inc said its COVID-19 vaccine was more than 90% effective based on initial trial results, lifting U.S. equities to record highs.

However, shares eased on Tuesday as worries about the extent of the COVID-19 pandemic’s economic impact resurfaced. This helped underpin gold prices. Furthermore, gold buyers are anticipating more accommodation from the central banks and additional fiscal stimulus from governments.Daily December Comex Gold Daily Swing Chart […]

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