Gold Price News and Forecast: XAU/USD buyers look to $1,900 amid cautious optimism
|Gold Price Analysis: Recapturing $1891 critical for XAU/USD bulls, levels to watch – Confluence Detector
Gold (XAU/USD) is trying hard to extend its recovery from six-week lows of $1850, reached after the coronavirus vaccine optimism negated the immediate need for fiscal and monetary stimulus.
However, the continued escalation in the COVID-19 cases in Europe and the US has revived the calls for additional stimulus, in a bid to support the global economic recovery, which eventually underpins the sentiment around gold. With the US observing Veterans Day, thin trading conditions could exaggerate the moves in the bright metal.
Gold Price Analysis: XAU/USD buyers look to $1,900 amid cautious optimism
Gold extends the previous day’s recovery moves to $1,878.60, up 0.31% intraday, as markets in Tokyo open for Wednesday’s trading. The yellow metal slumped to the September 28 bottom on Monday before bouncing off $1,850.56. Although the US dollar’s inability to hold the early-week gains help the precious metal buyers, a light calendar in Asia and mixed signals from the key risk areas may continue challenging the commodity traders.
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