Gold Price News and Forecast: XAU/USD boosted by market fears about a second wave of COVID-19
|Gold’s intraday reversal, sideways trading action continues
The gold futures contract lost 0.05% on Wednesday, as it extended its short-term consolidation above the price level of $1,700. Gold has been breakings lightly above $1,750 mark recently. But it came back closer to $1,700 on Monday. Last Wednesday’s FOMC Statement came out as a short-term game-changer. Stock prices reversed lower and gold spiked higher. However, it is still trading within a medium-term consolidation, as we can see on the daily chart.
Gold’s pullback from $1,737 contained at $1,717
The precious metal rushed higher during the European morning time, fuelled by the mildly negative market sentiment. Investors’ concerns about the growing contagions in different US states while Beijing introduces restrictions to stem a new upbreak and the geopolitical frictions between China and India have weighed on sentiment, increasing demand for the safe-haven gold.
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