Gold Price News and Forecast: XAU/USD breaks above $1818 to confirm bearish exhaustion
|Gold Price Analysis: XAU/USD trades with modest gains above $1810 level, lacks follow-through
Gold edged higher during the Asian session on Thursday and was last seen trading with modest daily gains, just above the $1810 level.
Following the previous day's two-way/directionless price move, the precious metal managed to gain some positive traction amid a softer tone surrounding the US dollar. The incoming softer US macro releases added to worries about the economic fallout from the continuous surge in new coronavirus cases and dragged the USD to its lowest level in more than two months. This, in turn, was seen as one of the key factors lending some support to the dollar-denominated commodity. Read more...
Gold: Break above $1818 to confirm bearish exhaustion
Gold (XAU/USD) attempted a tepid recovery from near four-month troughs on Wednesday but faced rejection at higher levels and finished the day almost unchanged around $1807. The yellow metal treads water on Thanksgiving Day-quiet trading as Wednesday's doji candle calls for indecision while $1800 holds, FXStreet's Dhwani Mehta briefs. Read more...
Gold Futures: Extra downside seen limited
Open interest in Gold futures markets shrunk for the second session in a row on Wednesday, this time by around 9.4K contracts according to preliminary readings from CME Group. Volume, in the same line, went down by around 168.9K after two consecutive daily builds.
Gold remains supported around $1,800/oz
The leg lower in prices of gold met solid contention in the $1,800 region per ounce so far. Thursday's downtick was on the back on shrinking open interest and volume, hinting at the idea that a deeper pullback is not favoured at least in the near-term. Read more...
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