Gold to face firm resistance at $1750 – OCBC

Howie Lee, an economist at OCBC Bank, notes how the yellow metal has rebounded amid concerns of a second wave of coronavirus but sees a tough resistance at the $1750 level. 

Key quotes

“Gold broke sharply below the $1700/mt level a week ago but rebounded strongly after it looks like a second wave of Covid-19 contagion might be sweeping the US and China.” 

“Risk-off sentiment should support the precious metal this week, although we continue to see strong resistance at $1750/oz.”