Gold prices moved sideways and rose slightly higher following the news over the long weekend that President Trump had signed the US government’s stimulus bill. The Greenback rose slightly along with returns as riskier assets rose. The House passed a new bill that would increase stimulus checks from $ 600 per person to $ 2,000 per person.
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Technical analysis
Gold prices have moved higher but are still trading within a tight range. Support is close to the ten-day moving average near 1.872, with resistance against the December highs at 1.906. The ten-day moving average has been exceeded above the 50-day moving average, which means that an upward trend in the medium term is now in place. Short-term momentum turned positive because the fast stochastic generated a crossover buy signal. Medium-term momentum is positive to neutral, as the histogram shows MACD (moving average convergence divergence) in the black print with a flat track, indicating consolidation.
The House votes to increase federal payments
The House has voted to increase the second round of federal direct payments to $ 2,000, as Democrats will accept President Donald Trump’s calls to put more money in the pockets of Americans. from $ 600.