Gold may see range-bound movement

AS we approach the end of a tumultuous 2020, with Covid-19 being the primary cause, the precious yellow metal has seen swings in price action throughout the year, and the latest was due to the slate of vaccine news that were released.

Despite a recovery from the lows of US$1,764, the upward pattern that gold has been following since Nov 30, appears to have stalled, indicating that the market sees the action of the US Congress approaching a relief package deal as a sign of weakness.

Gold gained some traction on the Dec 8, hitting a two-week high of US$1,875, built on the strong intraday rebound from the level of US$1,821.