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Soaring Covid-19 Cases Support Gold

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COMEX Gold futures stayed well supported as rising Covid-19 cases globally boosted the metal. The World Health Organization reported the biggest daily rise in coronavirus cases across the world on Sunday. With 307,930 new cases reporting in the last 24 hours, the total number of global COVID infections reached 28637952. Half of these cases are in the Americas. The latest surge broke the previous one-day record of 306,857 new infections that WHO reported on September 6th 2020. The commodity currently trades at $1975 per ounce, up 0.61% on the day after rallying 1% in last session.

Gold prices held steady on Tuesday, following a sharp rise in the previous session, as the dollar remained subdued ahead of the U.S. Federal Reserve’s monetary policy meeting that could provide more clues on stimulus measures and inflation targeting. Spot gold was flat at $1,956.17 per ounce after gaining 1% on Monday. U.S. gold futures ticked up 0.1% at $1,966.40. Asian shares looked set to open lower on Tuesday, although positive developments around potential COVID-19 vaccines and increased deal activity are likely to stem losses. More than 29.11 million people have been reported to be infected by the novel coronavirus globally and 924,141 have died, according to a Reuters tally. Market participants are now looking at the U.S. Fed’s two-day policy meeting, which ends on Wednesday. The meeting will be its first since Chairman Jerome Powell unveiled a policy shift towards greater tolerance of inflation, effectively pledging to keep interest rates low for longer. Meanwhile, U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell will testify before the Senate Banking Committee on coronavirus relief, the committee said in a statement on Monday. British Prime Minister Boris Johnson lashed out at the European Union on Monday as he won initial approval for a plan to breach the Brexit treaty. Silver eased 0.1% to $27.12 per ounce.

TREND : WEAK BULLISH

Time                                      :           15/09/2020

Pivot                                      :           1957.33

Technical View                     :             LONG ABOVE 1965.95

Target                                   :            1974.57, 1984.31, 2001.54

Technical View                     :             SHORT BELOW 1952.27

Target                                   :            1947.21, 1930.06, 1920.23

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