Gold Futures Technical Analysis Pre-US open
(Kitco News) - Gold has remained static in the EU session heading into the US open. The price is stuck at a low volume node at the green support line near $1829/oz but if it breaks it could mean a move to the blue support at $1772.8/oz might be on the cards.
On the upside, the main value area lies at $1885.1/oz. If there is a break of the level it would be bullish but it could act as a resistance zone too. Later in the session (19.15 ET US) Joe Biden will be laying out his stimulus plans so keep an eye on that. For now the rising US yields are hindering golds position as the go-to safe haven. If the 10-year yield does move lower then there could be more room to the upside for the yellow metal.