Gold Treads from $1,835 to Test Support at the $1,800 Area


Gold futures are testing support at the $1,800 mark on Wednesday’s European session, after pulling back from Tuesday’s high at $1,833. Bullion prices have been treading water above $1,825 for the last two weeks, following a 12% rally from mid-November lows near $1,600.

The precious metal has been trading lower on Tuesday, giving away gains after a spike high to $1,835 seen on Tuesday. The moderately positive market mood, triggered by news that China is scrapping quarantine for inbound travelers has lifted the market mood in an otherwise quiet post-Christmas market.

Furthermore, the US Dollar remains on the back foot, with the Dollar Index trading 0.2% lower on daily charts and moving right above the 104.00 level, following a moderately positive opening, which pushed the DXY to session highs at 104.35.

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