Gold Price News and Forecast: XAU/USD flirts with the $1,900 level in anticipation of news on the fiscal front
|Gold Price Analysis: XAU/USD struggles for direction, stuck in a range near $1900 mark
Gold extended its sideways consolidative price moves through the early North American session and remained confined in a narrow trading band, around the $1900 mark.
Looking at the technical picture, the XAU/USD has been oscillating between two converging trend-lines over the past one month or so. The range-bound trading action constitutes the formation of a symmetrical triangle on short-term charts.
The symmetrical triangle, though could be categorized as a bearish continuation, marks indecision over the precious metal's near-term trajectory. Moreover, neutral oscillators on 4-hourly/daily charts haven't been supportive of any firm near-term direction. Read more...
Gold flirts with the $1,900 level in anticipation of news on the fiscal front
Gold treads water around $1,900 ahead of US stimulus deadline while US dollar demand persists amid jittery markets. Technically, RSI has turned neutral and the yellow metal continues to waver in a two-month-long falling wedge formation, awaiting a range breakout, FXStreet's Dhwani Mehta reports.
See: Gold needs to clear the $1,973 September high to resume the uptrend – Standard Chartered
Key quotes: "In absence of relevant US macroeconomic news featured on Tuesday, the developments around the stimulus talks will continue to remain a key driver for gold trades, as investors turn cautious ahead of the stimulus deadline." Read more...
Gold Price Analysis: XAU/USD struggles for a firm direction, holds steady above $1900 mark
Gold reversed an intraday dip to three-day lows, albeit lacked any strong follow-through and was seen oscillating in a range, above the $1900 mark through the early European session.
Nervousness ahead of a self-imposed Tuesday deadline to pass the US fiscal stimulus measures kept the US dollar bulls on the defensive, which extended some support to the dollar-denominated commodity. Investors remain unconvinced that the legislation on a wide-ranging coronavirus relief package will be passed. This, along with concerns about the risk of a disputed US election outcome, further benefitted the safe-haven precious metal. Read more...
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