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- Gold: The downtrend is being challenged - TDS
Gold: The downtrend is being challenged - TDS
FXStreet notes that gold (XAU/USD) has managed to regain traction on Thursday and has surged above the $1900 mark. Economists at TD Securities note that US Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi have both reported progress in agreeing on a new fiscal stimulus bill which is positive for the yellow metal.
“News that Mnuchin and Pelosi are inching forward on a new round of fiscal stimulus is breathing life into the reflation trade, supporting equities, gold and precious metals. The latest news has turned the tide for inflation expectations and the USD, with renewed dollar weakness on the day helping turn one of gold's key drivers back in its favor.”
“While the recent headwind of fiscal uncertainty has been eased, the other major hurdle to another gold bull run in the near term still remains in the form of deflationary pressure from mounting concerns of a second wave. Nonetheless, the potential for treatments and/or a vaccine can mitigate the building virus fears.”
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