Gold prices retreated on Thursday, a day after vaulting to nearly nine-year highs, as investors embraced the safe-haven greenback in the face of record US coronavirus cases.
“Gold has been overbought quite a bit after it surpassed the $1,800 level and now we are seeing some investors selling off,” said Edward Meir, analyst at ED&F Man Capital Markets. The dollar rallied from a four-week low as US stocks fell with market sentiment turning cautious as the US hit another record high on new coronavirus cases.
“The $1,800 remains a strong psychological resistance level. Although bulls have cut through this level like a hot knife through butter, weakness below this point could trigger a decline back towards $1,765,” said FXTM analyst Lukman Otunuga.
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