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Next target for gold is $1,800

Gold is attempting to rally after a protracted downturn. The precious metal is currently trading at $1,787.60 and could hover in the range of $1,760-1,790 for some time. The next target for gold is $1,800, then $1,808.

The price of gold went up after Moderna’s CEO said the company would not likely be able to quickly adapt its vaccines to the new COVID-19 strain, but buying still looked very cautious.

Yesterday, Fed Chair Jerome Powell, in his testimony before the Senate, announced that the regulator’s next meeting will consider speeding up the pace of tapering monthly bond purchases.  This means that the time for raising the interest rate could come earlier than expected. And while these remarks do not allow gold to lock in any major gains for the time being, demand for safe haven assets still remains in play.

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