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A weak US Dollar combined with a new stimulus and a dovish Fed has created the perfect scenario for a new rebound for bullion. After some initial uncertainty, the positive momentum that has driven gold in the last few days has accelerated with the price jumping above the resistance level of $1,872-$1,875 to touch a new 3-week-high, before some modest profit-taking in the European morning.
Summarizing the last few weeks of gold, we could say that the news about vaccines pulled up stocks and crashed the gold price in November. After this initial movement, investors realized once again that central banks will be forced to print money and to keep generating stimulus. In short, interest in gold will remain huge for a long while yet.
