Bullion hold above key support level after recent rally

Bullion is holding above the key support level of $1,850 with the price consolidating after the recent rally. European stock markets opened in the green, reinforced by positive news regarding the upcoming vaccine, but this was not a disruptive element for gold, which is only showing a fractional decline. Overall, in the last few days we have seen an improving trend as investor demand recovered significantly as they bet on further stimulus from central banks, both in the short and medium trend. Moreover, the persistent weakness of the US Dollar represents another supportive element for the yellow metal.