JP Morgan says coronavirus might be keeping lid on gold
With stock markets in the U.S. and Europe looking for a tentative rebound following last week's coronavirus-driven sell-off, and a strengthening dollar, spot gold was trading 0.82% lower at around $1,576.8/oz ounce on Monday.
"Technically, the first resistance level is now placed at $1,585 — a return above this level could open the door for a rally above $1,600."The coronavirus outbreak has triggered further risk sell-offs, but is not alone in providing a lift to the gold price, according to BullionRock Managing Director Robin Newbould.
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