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Lukman Otunuga, senior research analyst at FXMT, said in an email to Kitco News, that the Moderna vaccine news will continue to boost investor sentiment and punish safe-haven assets like gold. But he added that he sees limited losses for the precious metal.
"Gold prices have already declined roughly 0.70% today amid the positive vibe. While the precious metal has scope to extend losses, $1850 remains a strong support level. There could be a fierce battle between bulls and bears around this level over the next few days," he said.
"Looking at the technicals, metal in the process of forming a death cross technical formation where the 50-day simple moving average crosses below the 100-day simple moving average while the MACD points to the downside," he added. "Should $1890 prove to be a tough resistance level, prices may decline back towards $1,858 and $1,850. A solid daily close above $1,890 could swing open the doors back towards $1,935. |
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