XAU/USD slips below $1870 level, fresh session low
Gold: An uptrend will start as soon, as the market rises above resistance level 1885
An uptrend will start as soon, as the market rises above resistance level 1885, which will be followed by moving up to resistance level 1900 – 1906. The downtrend may be expected to continue, while market is trading below resistance level 1872 – 1885, which will be followed by reaching support level 1850.
The uptrend may be expected to continue in case the market rises above resistance level 1900, which will be followed by reaching resistance level 1950. An downtrend will start as soon, as the market drops below support level 1875, which will be followed by moving down to support level 1850 and if it keeps on moving down below that level, we may expect the market to reach support level 1819 and 1780. Read more…
Gold Price Analysis: XAU/USD slips below $1870 level, fresh session low
Gold struggled to capitalize on its early uptick to the $1884 area and has now drifted into the negative territory for the third consecutive session. The commodity was last seen trading around the $1870 region, down around 0.50% for the day.
Following the previous day’s good two-way price swings, the precious metal managed to gain some positive traction during the Asian session on Tuesday and was supported by the anti-risk flow. Investors turned cautious amid fears that a highly infectious new strain of coronavirus could lead to a slower global economic recovery. This, in turn, provided a modest lift to the safe-haven XAU/USD. Read more…
With Dovish Powell, can gold shine again?
Fed Chair Jerome Powell sounded dovish during his press conference on December 16, where he gave a market update after the Fed’s monetary policy meeting. The Fed will remain accommodative for a long time, which should support gold prices.
Last week was full of important events. First, both the Pfizer/BioNTech and Moderna vaccines received emergency-use authorization from the U.S. Food and Drug Administration . In consequence, the first COVID-19 vaccination in the United States has already taken place, which is great news for America, as it marks the beginning of the end of the pandemic. Read more…