CUR - Gold drops again as cash moves to stocks but holds above the $1800 level

Spot gold ([[XAUUSD:CUR]], -1.6%) is fighting to stay above $1,800/oz. line as the yellow metal continues to lose ground during the recovery trade.Gold last settled below $1,800 in mid-July.The break below $1,840 yesterday indicates further downside into the $1,700s, IG Markets analyst Kyle Rodda tells Reuters."The fact that we have a smoother transition between President-elect Biden and Trump is just another reason to think that the recovery as it is currently playing out has one less risk to it," Rodda adds.BofA highlighted that the largest two-week inflow into global stocks is coinciding with the largest weekly outflow from gold.Last week Deutsche Bank Strategist Jim Reid wrote that investors are turning more to Bitcoin as a hedge against the dollar and inflation. Bitcoin is rising above $19K today.But Deutsche Bank's Christian Noting, head of investment solutions, told Bloomberg that higher inflation will push up both stocks and gold in the long term.And

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Gold drops again as cash moves to stocks, but holds above the $1,800 level