Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Adesina Olumide

Gold prices have remained relatively stable, as it traded above the $1,905/0unce level at the start of its last trading session for the week.

This yellow metal has picked up gains in the past few weeks cumulatively on the lingering U.S stimulus deal, awaited by global investors and the COVID-19 onslaughts emanating from emerged markets.

Gold bulls seem to have enough gas to at least stay on course, on the bias showing financial markets globally and human mobility will be affected by the resurgence of the Covid-19 outbreak, as the number of people infected with the deadly virus surpasses 38 million world-wide.

Adding woes to gold bears is another vital fundamental, revealing the upsurge in COVID-19 outbreak had now facilitated calls for strict restrictions on human mobility as Europe’s largest economy Germany, marked the record high daily cases of COVID-19.

It’s important to observe gold bulls, amid this uncertainty, have not had it easy, as the yellow metal prices gets whipsawed by the greenback’s rebound ,on growing sentiments showing global investors switch into the safe-haven currency, revealing why price movements have been stuttering in the precious metal market of late, especially when gold futures approach the 1,915/ounce price levels.

Looking at the monetary angle, gold’s price upsides look limited, taking into consideration traders seem to be in a state of confusion, as the world’s most powerful central bank of late sends mixed signals, such as the extent of the economic recovery period, inflation overshoot thereby revealing Richard Clarida, John C. Williams and, Jerome Powell who effectively control the popular known central bank are not the same page, howbeit partly responsible for gold’s ranging pattern in the mid-term, as traders look clueless on what direction to go.

On its recent price action, Gold prices are more likely to range around $1,900-$1,915/ounce in the coming days depending on short-term greenback moves.

For a look at all of today’s economic events, check out our economic calendar.


Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.