Gold price edged up to $1,571, an ounce extending its rebound to a fourth session. On Tuesday, the precious metal gold edged lower as European stocks climbed to record highs and the dollar hit a four-month peak, after a fall in the number of new confirmed cases of coronavirus limited the appetite for lower-risk assets and drove buying elsewhere.
The U.S. government bond prices were steady as the benchmark 10-year Treasury yield edged down to 1.574% from 1.578% last Friday.
China’s virus disease may rise in February, and then plateau ere easing, the government’s topmost medical expert on the virus break announced.
The disease is the world’s second-largest marketplace that has hit more than 1,000 so far and frightened the country’s economic extension as companies strived to return to work after an extended Lunar New Year holiday.
Gold is trading sideways within the symmetric triangle pattern, which is keeping gold bearish below 1,583 and bullish above 1,570. The weaker dollar sentiment is keeping gold prices bullish as investors are feeling less confident about the U.S. dollar since the release of worse than the expected unemployment rate, released on Friday.
Today, we can consider staying bullish above 1,568 as gold prices can soar towards 1,579/1,581. Good luck!