Gold Price News and Forecast: XAU/USD bulls retake controls by crossing $1,950
|Gold Price Analysis: XAU/USD bulls retake controls by crossing $1,950
Gold regains $1,950, currently around $1,954, at the start of Thursday’s Asian session. The yellow metal differed from the previous three-day losses while closing at the highest since August 19. The US dollar weakness could be considered as the main driver for the latest run-up. Though, worsening coronavirus (COVID-19) conditions in Europe, speculations of smaller US stimulus and cautious sentiment ahead of US Federal Reserve (Fed) Chair Jerome Powell’s speech in the Jackson Hole Symposium are extra points to count.
Chart of the day: Gold
Gold held key support on the dip to 1900 today and bounced aggressively. The reason why this is important is: a) it's a major trend line from the March lows. b) it defined the bull/bear line in the market.
Ahead of the Jackson Hole symposium, that is important. And, while we are above 1900 we are bullish, below it and we could see a swift move back to the 1840 (38% retracement) level or lower.
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