Last week, the yellow metal jumped from last week’s close of near $1,880 to around $1,891 at the week’s start as traders initially reacted to the Brexit deal passage.
US President Donald Trump, initially stepped back from signing the COVID-19 relief bill, already passed by the Congress, recently tweeted ‘good news’ on the much-awaited aid package. The latest updateis that Capitol Hill members are ready to “make one last attempt to avert a shutdown on Monday.”
On the vaccine front, comments made from AstraZeneca CEO Pascal Soriot that their covid-19 vaccine is effective against the new strain joins Brexit deal passage to favor the risks.
This week, off in major markets and the year-end holiday season may challenge the gold price push. Nevertheless, positive news on the US relief bill can favor the bulls. It should, be noted that the American government will be shut down if policymakers fail do not approve the bills before Tuesday ends. The same can weigh risks and probe gold buyers afterward.
On the Golds technical analysis, an rising trend line from November 30, at $1,879 now, restricts the short-term downside of the metal. In the meantime, gold bulls can keep attacking $1,900 while targeting a five-week-old resistance line, at $1,928.50 now.
