Gold Intraday: Gathering Upside Momentum

From a technical point of view, spot gold is gathering upside momentum because it may have formed a rounding bottom as shown on the 1-hour chart…
On Monday, spot gold gained 0.8% to $1,957 because the U.S. dollar eased. Reuters reported that AstraZeneca’s Covid-19 vaccine trial within the U.S. remains on hold as regulators are still examining the intense side effect on British patient. Earlier, the pharmaceutical giant said it’s resumed clinical trials within the U.K..

Meanwhile, the Federal Reserve System is predicted to keeps its dovish tone after its FOMC meeting mid-week.

From a technical point of view, spot gold is gathering upside momentum as shown on the 1-hour chart. it’s going to have formed a rounding bottom pattern, with prices trending to check the upper boundary of its recent consolidation range. the extent at $1,937 could also be considered because the nearest support, while the first and 2nd resistance are expected to be located at $1,974 and $1,992. Alternatively, an opportunity below $1,937 would suggest that subsequent support at $1,920 could also be challenged.

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