Gold Prices Muted to New Vaccine News

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The precious metal did not react much to the latest COVID-19 vaccine news from Moderna.

While price initially slipped, gold prices managed to stabilize into the close.

For the moment, the support level near 1850 is firmly established. This could mean that prices might drift sideways with the 1900 level proving to be a challenge.

The Stochastics oscillator on the 4-hour chart remains close to the overbought levels. Any near-term gains will see the previous resistance area of 1911.50 and 1900 putting a lid on any further gains.

And to the downside, with the 1850 level proving hard to breach, gold prices could settle into a consolidation phase in the near term.

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