"Why gold prices are still trading below $1,800"

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Gold prices are trading modestly higher on Tuesday as the market continues to digest last week’s sharp rally. 

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The move higher in the yellow metal was fueled by a combination of safe-haven demand 

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Short covering as investors fled riskier assets amid concerns over the spreading coronavirus pandemic.

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Despite the strong rally, gold prices are still trading below the key $1,800 level and some analysts are suggesting that bulls need to be patient as the metal consolidate its gains.

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The U.S. Federal Reserve is meeting later this week and while no policy changes are expected. 

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Investors will be closely monitoring the central bank’s tone for any clues on future rate cuts.

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The safe-haven demand for gold is likely to remain elevated in the near term as the coronavirus continues to spread around the globe. 

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However, it remains to be seen if bulls can keep prices above $1,800 in the longer term.

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These bars are typically produced by private mints and have a lower purity than coins. 

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The post Gold: Chart Suggests Bulls ‘Be Patient’ As Metal Holds Above $1,700 Pre-U.S. Fed Meeting appeared first on ForexTV.

These bars are typically produced by private mints and have a lower purity than coins. 

Image Credit: Google 

Gold prices are modestly higher on Tuesday as the market continues to digest last week’s sharp rally. 

These bars are typically produced by private mints and have a lower purity than coins. 

Image Credit: Google 

Gold prices are trading modestly higher on Tuesday, February 25, 2020, at $1,711.50 per ounce.

Image Credit: Google 

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