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gold Spot
Gold Prices Needs to Break $1827 for Next upside Level
Gold Prices Needs to Break $1827 for Next upside Level, US President Joe Biden’s stimulus package heads towards House vote, Gold’s comeback from multi-month lows gathers momentum into the 3rd straight session this Tuesday 23, 2021. Gold is building on Monday’s 1.5% surge, as rising worldwide inflation expectations bode well for the inflation-hedge.
Spot Gold Prices Struggles, Above $1875 Target $1900—$1960
- Gold prices struggled to capitalize on its intraday positive move beyond the $1875 area.
- Neutral technical indicators on the daily chart warrant caution for bullish traders.
- The formation of an ascending triangle supports prospects for additional gains.
Gold Spot Open Long positions Target $1930—$1952
Gold spot and silver prices have recovered lost ground in recent days, climbing 3.8% and 7.6% from their respective monthly lows on the back of falling real yields and a weaker US Dollar.
BIDEN INAUGURATION TO HAVE LITTLE IMPACT ON GOLD
Today is inauguration day as Donald Trump’s presidency comes to an end, although market significance will be most likely minimal. Taking a look at gold’s performance in the chart below, around the time of inauguration day, there is no discernible implications for the precious metal.