Gold consolidates near nine-year highs reached on Monday.
Technical studies indicate scope for a temporary price pullback.
Gold continues to trade near the nine-year high of $1,820 reached on Monday. The metal is up 20% on a year-to-date basis.
The rally could be associated with the record monetary and fiscal stimulus lifelines launched by the major central banks and governments to counter the coronavirus-induced slowdown and the resulting negative real or inflation-adjusted government bond yield.
The likes of Goldman Sachs and Citigroup expect the yellow metal to reach a new lifetime high above $1,911 over the next 12 months. Goldman Sachs thinks a break above $2,000 may happen if the rise in inflation is met with a muted response by the US Federal Reserve