Gold Price Analysis: XAU/USD looks firmer around $1,900/oz

• Gold prices regain traction and hover around the $1,900 area.
• Weekly support seems to have turned up in the $1,880 zone.
• US stimulus bill, pandemic take centre stage on Wednesday.

Prices of the ounce troy of the precious metal regain part of the ground lost following Tuesday’s sharp pullback and manage to reclaim the key $1,900 neighbourhood per ounce.

Indeed, the better mood around the precious metal comes after President Trump’s stimulus proposal of $1.8 trillion came in short of expectations according to House Speaker N.Pelosi.

Also adding to the investors’ appetite for the safe haven metal, the delivery of a successful vaccine against the COVID-19 remains elusive following news that Johnson & Johnson (NYSE: JNJ) and Eli Lilly and Co. (NYSE: LLY) have suspended their trials of their candidate vaccines.

The dollar, in the meantime, trades with a soft bias and also collaborates with the upside momentum in gold.

Gold key levels

As of writing Gold is up 0.64% at $1,903.02 and a breakout of $1,933.28 (monthly high Oct.12) would expose $1992,63 (monthly high Sep1) and finally $2,015.65 (high Aug.18). On the flip side, the next support lines up at $1,882.60 (weekly low Oct.14) followed by $1,873.05 (monthly low Oct.7) and then $1,848.66 (monthly low Sep.24).