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Gold sets its sights on $1,800

Gold prices have been trending higher on Wednesday, trading at $1,791/oz. Gains in the previous session were due to profit-taking by some investors. Meanwhile, UST yields are on the rise, pulling the USD up with it, but so far gold has managed to maintain stability without giving in to pressure.

Interestingly, in late November and early December new players entered the gold market, opening positions in the precious metal and buying into bullion ahead of the New Year. This could help underpin gold's position in the medium term.

The next upside target for gold is $1,800, although the market could creep up to this mark quite slowly.

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