Gold Bulls and Bears Wrestling to Take Control This Week

Last week, the precious metal was able to reach a high of 1779 but quickly retraced back to the 1761 level with bearish pressure pushing it to a low of 1747. From there, it rose higher and is now settling at the 1768 to 1770 level.

Need for a Safe Haven

The battle between the precious metal and the greenback continues amid the sharply rising cases of Covid-19 patients in the US. Now, the question here is whether the US economic stimuli will be enough to push the money away from Gold.

As of now, the precious metal is still in a medium term uptrend and is currently playing around an important support level at 1767-1768. With two indicators providing bullish movement, the bias is still upward unless these two areas of value are invalidated.  If the bears do win, the next important level to take a look at is the 1761 level of another possible bounce.

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