U.S. Dollar Faces High Volatility against Major Peers on New Virus Fear; Dec 21, 2020

U.S. Dollar Faces High Volatility against Major Peers on New Virus Fear

All the Financial markets tumble on the back of new virus fear, discovered in the United Kingdom and Italy. The U.K. declared about the identification of a new strain of the Covid-19 virus that is more contagious than the strain that has swept through the world this year. A number of European countries, including France, Italy and the Netherlands have suspended all travel to and from the U.K.

U.S. Congress finally agrees a $900 billion relief package and will likely vote on it later in the day which includes $600 checks to households and a $300 weekly enhancement for federal unemployment benefits for 11 weeks. The package also reportedly includes aid for schools, vaccine distribution and small businesses, with $280 billion earmarked for the Payment Protection Program alone.

The pound fell more than 2% against the U.S. dollar and over 1% against the euro. Along with this, Gold also remained highly volatile currency on new virus report. The pair (XAU/USD) makes intraday high at $1,906 and Low at $1,855 mark.

Technical View:

XAU/USD (Gold):

Gold reverses previous gain of Asian hours on Monday and touched $1,855 mark in late European session. Today pair made intraday high at $1,906 and low at $1,855 mark. A sustained close above $1,902 requires for the upside rally. On the other side, consistent close below $1,864 will check key supports as well. Key support levels are seen around $1,847, $1,832, $1,827, $1,820, $1,812, $1,802 and $1,787 mark respectively. Key resistances are seen at $1,905, $1,912, $1,924 and $1,937 marks respectively.

Take a look and do trade wisely!
Good Luck

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