Gold Price News and Forecast: XAU/USD bullish bias starting to fade
|Gold Price Analysis: XAU/USD consolidates losses from 1-½ month low beyond $1,900
Gold retraces from the lowest from August 12 to $1,913 amid the early Asian session on Tuesday. The bullion dropped to the multi-day low as the market’s risk-off tone preferred the US dollar above all, which in turn has an inverse correlation with the safe-haven metal.
The coronavirus (COVID-19) resurgence in Europe and the UK sours the trading sentiment off-late. While local lockdowns have been in fashion in some parts of the bloc and northern Britain, pubs and restaurants in England are to have a closing time of 10:00 PM starting from Tuesday.
Gold Price Analysis: XAU/USD bullish bias starting to fade
Gold prices are testing the bull's commitments at the support structure around $1,906 in what could be a final test before the next leg higher of the bullish trend. At the time of writing, gold, XAU/USD, is trading at the lows of the day, $1,905, having travelled from a high of $1,955.62, down some 2% to start the week.
Gold prices have been in consolidation since correcting from all-time highs in late July and subsequently printing a low of 1861 at the start of August. The price has chopped sideways, decelerating its daily range as markets try to get a handle on the various features of today's market conditions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.