Gold settled above $1,900 an ounce Thursday, returning to the comfort zone of bulls in the yellow metal, as hopes rose again that Congress might approve a Covid-19 stimulus after all before the November U.S. election.
“Gold is about to revert back to its traditional safe-haven role and could continue to rally despite disappointment in progress over a fiscal-stimulus deal,” said Ed Moya, analyst at New York’s OANDA..
Thursday’s rally in gold came as U.S. House Speaker Nancy Pelosi remained in talks with Treasury Secretary Steven Mnuchin for a new coronavirus relief bill although “distance” remains between the Democrats she leads and Republicans aligned to President Trump, Congress’s Deputy Chief of Staff Drew Hammill said.
Earlier in the day, Pelosi told reporters that she hoped to bring to Congress a revised $2.2 trillion coronavirus relief bill if Democrats and Republicans can find common ground on tax breaks.
TREND : SIDEWAYS
Time : 02/10/2020
Pivot : 1899.01
Technical View : LONG ABOVE 1903.19
Target : 1907.37, 1920.02, 1928.12
Technical View : SHORT BELOW 1892.61
Target : 1886.22, 1878.22, 1865.47