Gold rallies 1% $1855 in focus

Gold nuggets
Fiona Cincotta
By :  ,  Market Analyst
Gold rallies over 1% boosted by the prospect of increased money supply as the Joe Biden administration kick off negotiations with House Republicans on the covid stimulus bill.  A positive outcome could lift gold higher.

Gold closed above $1800 on Friday and has pushed higher across the European session on Monday. Key resistance can be seen at $1855 the confluence of the 200 DMA and the 50 DMA. A breakthrough here could open the door to February’s high $1875.

On the flip side, immediate support can be seen at $1800 psychological level ahead of $1785 Feb 4th low. A daily close below this level could see gold extend losses to $1765.

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