Gold bounces off 1,793 support – Considering resistance of 1,830
During Tuesday’s Asian trading session, the price of the safe haven metal halted its rally from the previous day, taking new offers well above the $ 1,819 level. The rising incidence of COVID-19 cases has triggered a wave of risk sentiment globally, which tends to underlie safe-haven gold.
Risk sentiment pushes gold price above $ 1,800
This turned out to be one of the key factors that prevented any further gain in the precious metal, as the price of gold is inversely related to the price of the US dollar.
In contrast, Sydney recorded the lowest number of new coronavirus infections in three days, and Australian Health Minister Greg Hunts tweeted that a million doses of Pfizer vaccine would arrive in Austria every week. This probes market sentiment of risk aversion and caps any further gains in yellow metal prices. Currently, the price of gold is trading at 1,816.74 and consolidating in the range between 1,810.84 and 1,819.23.
Delta COVID variant underlies safe haven metal
US-China Showdown – Investors Turn to Safe Haven Assets
Stronger US dollar fails to make gold bearish
Gold – XAU / USD – Daily Support and Resistance
Pivot point: 1 807.77