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

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 […]

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