As markets scramble back to risk-off strategies, the gold price continues to rally. Bullion finished last week close to $1,900, pulled up by new stimulus from central banks and expectations for new measures in the upcoming months. News of the latest UK COVID-19 variant has given further fuel to the precious metal recovery.
From a technical point of view, gold is continuing to regain momentum. After an initial jump to $1,911, the spot price is consolidating on the $1,900 level, in a scenario which remains positive as investors rotate part of their portfolios from stocks to safe haven once again. A first support zone is placed relatively close, at $1,890, while the following key level is $1,875. A surpassing of the early morning peak at $1,911 would offer another positive signal.