
In the early morning trade, June gold is trading in the green slightly and currently trading at $1,752 a troy ounce. Gold is going to have to face a little adversity over the next couple of trading days with the U.S. dollar making fresh new weekly highs overnight and with the world’s largest import country of gold on nation-wide lockdown with their second largest buying day of the year coming up this Sunday and will surely impact physical demand. However, the House just passed the $484B stimulus package for small businesses and if they start talking about another stimulus, which they very well could after the next non-farm monthly payroll number is released, then this should cause the shiny one to forge new highs and possibly even makes it way to the $2,000 an ounce handle.
If we take a look at the daily June gold chart, you’ll clearly see the gold bulls came in and bought gold off the $1,660s support level on is now back above $1,700 trading in a bullish trend clearly giving them back the advantage.
