fundermental analysis
Gold continued scaling higher through the early European session and climbed to near one-week tops, around the $1857 region in the last hour.
Following the previous day's range-bound price action, the precious metal caught some fresh bids on Wednesday and built on this week's goodish rebound from the vicinity of the $1800 mark. The US dollar fell for the third consecutive session on Wednesday, which, in turn, benefitted the dollar-denominated commodity.
Meanwhile, investors now seemed to have turned cautious ahead of the President-elect Joe Biden's inaugural ceremony later this Wednesday. This was seen as another factor that extended some additional support to the precious metal's safe-haven status. That said, the underlying bullish sentiment might cap gains.
Following the previous day's range-bound price action, the precious metal caught some fresh bids on Wednesday and built on this week's goodish rebound from the vicinity of the $1800 mark. The US dollar fell for the third consecutive session on Wednesday, which, in turn, benefitted the dollar-denominated commodity.
Meanwhile, investors now seemed to have turned cautious ahead of the President-elect Joe Biden's inaugural ceremony later this Wednesday. This was seen as another factor that extended some additional support to the precious metal's safe-haven status. That said, the underlying bullish sentiment might cap gains.
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