Gold (XAU/USD) caught a fresh bid-wave and hit the highest levels in four days
at $1815.10 in the last hour, helped by a fresh leg lower in the US dollar across the board amid the risk-on market mood.
The European traders cheered the optimism over Moderna’s coronavirus vaccine while the US-China escalation also offered fresh impetus to the gold bulls. From a near-term technical perspective as well, gold remains poised for further upside, especially after it managed to reverse a quick dip below the 21-hourly Simple Moving Average (HMA), then placed at $1806.13. The bulls also cleared the stiff horizontal barrier placed at $1813 while they now target the eight-year highs at $1818.17. Further north, the round figure of $1820 could be put to test.