Gold Jumps on Stimulus Bets

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The precious metal is trading higher on Wednesday.

Price action managed to close past the 1911.50 level of resistance. This has, in turn, accelerated the gains toward the 1920 level.

These near-term gains put gold prices back near the October 12 highs.

A breakout above this level could extend further gains in gold.

However, price action is retreating after testing this level. It could potentially keep gold prices confined to the support area of the 1911.50 level in the near term.

A close below the 1911.50 – 1900 could, however, shift the bias to the downside once again.

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