XAUUSD technical lines well defined amid stimulus hopes
Gold Futures: Scope for further gains
Traders increased their open interest positions for the second session in a row on Tuesday, this time by around 2.5K contracts according to preliminary readings from CME Group. On the other hand, volume resumed the downtrend and shrunk by around 64.5K contracts.
Gold looks to $1,900/oz
Gold prices edged higher on Tuesday, faltering just ahead of the $1,880 level. The uptick was amidst rising open interest, which is supportive of the continuation of the weekly recovery in the very near-term. That said, the next target of note remains at the $1,900 per ounce. Read more…
Gold Price Analysis: XAU/USD technical lines well defined amid stimulus hopes – Confluence Detector
Gold has been consolidating its gains above $1,850 after an impressive recovery from the lows under $1,800. The main upside driver is US fiscal stimulus, which seems more likely after Democrats and Republicans seem to be coalescing around a relief package worth around $900 billion. While that sm is below what bulls were hoping for, any funds agreed during the lame-duck session are perceived as a bonus ahead of what is likely under President-elect Joe Biden.
However, the devil may be in the details and a bipartisan accord on where the money goes is still in the air. Until there is white smoke from Washington, it is time to look at XAU/USD technical levels. Read more…
Gold Price Analysis: XAU/USD remains depressed near $1860 area, downside seems limited
Gold edged lower through the Asian session and dropped to two-day lows, around the $1855 region, albeit lacked any strong follow-through.
The precious metal witnessed some selling during the first half of the trading action on Wednesday and for now, seems to have stalled its recent strong recovery move from multi-month lows. The prevalent upbeat market mood was seen as one of the key factors exerting some pressure on the safe-haven XAU/USD, though the prevalent US dollar selling bias helped limit the downside. Read more…