Gold Generates Upside Momentum

Gold Generates Upside Momentum

The recent developments in the financial markets generating upside pressure on gold.

 Traders are worried about rising cases of infections again, since the governments ease their restrictions. The bullish run that stocks markets enjoyed last month was due to a slowing rate of the infection as well as the reopening of economies.

Now after some countries are reopening their economies, there have been increases in the number of new cases. The fear factor arises again. As a result, the traditional safe-haven gold is strengthening. Gold is traded around $1735 and could easily inch towards $1800. More news about a flare-up in infection cases might trigger an upside breakout from the range.

U.S oil rose to $28.6 per barrel. Higher demand as some U.S states emerge from lockdowns contributed to the climb. Oil’s next target could be $34.5 per barrel.

These charts and the opinions above are for educational and informational purposes only. Technical analysis does not guarantee full accuracy and it could be subject to revision over time. We do not have any liability regarding financial results based on the use of this information.

Gold Generates Upside Momentum
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