MARKET VIEW
Weekly changes: XAUUSD -2.89%
Gold went down last week thanks to advances in vaccines stimulating the outlook for a recovery from the coronavirus pandemic.
The metal's appeal as a safe haven is diminishing as investors compare this view to the possibility that further stimulus could weaken the dollar and drive up consumer prices.
KEY POINTS
The price of gold was way oversold, and this has provided the perfect catalyst for retracement later last week.
Non-farm payrolls data has reaffirmed the need of another round of stimulus, which will help the gold price to recover.
Important levels: 1,784, 1,814, 1,827, and 1,848.
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