Gold Price Futures (GC) Technical Analysis – Seven Consecutive Closes Inside $1889.70 – $1842.60 RT Zone

Comex Gold Gold futures are drifting sideways to lower for a second session on Wednesday due to optimism over potential COVID-19 and the lack of progress toward a U.S. fiscal stimulus package. Concerns over the economic impact from the resurgence of coronavirus cases in the United States are limiting losses. Furthermore, long-term monetary stimulus from the U.S. Federal Reserve is also underpinning the market.

At 07:20 GMT, December Comex gold is trading $1880.20, down $4.90 or -0.26%.

In other news, Fed Chair Jerome Powell said on Tuesday there is a “long way to go” for the economy to recover and that the central bank is committed to using all its tools to support the recovery for as long as required.

Traders are attempting to hold gold in a range as they wait for a catalyst to drive the next major move.Daily December Comex Gold Daily Swing Chart Technical Analysis The main trend […]

Click here to view original web page at www.fxempire.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.