Gold Price News and Forecast: XAU/USD gained some positive traction for the second consecutive session on Tuesday
|Will the bomb explode, igniting gold?
The bomb can explode one day. And I do not mean here missiles from North Korea, Iran or China. Neither I think abfout the viral threat – the coronavirus bomb has already blown up in spring, dragging the world into deep economic crisis. I have in mind the U.S. debt bomb. Just take a look at the chart below. As one can see, the public debt has reached 107 percent of the GDP even before the pandemic.
Gold Price Analysis: XAU/USD holds steady near multi-day tops, around $1890 region
Gold built on the previous day's goodish bounce from 100-day SMA and edged higher through the first half of the trading action on Tuesday. The overnight sustained move beyond 100-hour SMA was seen as a key trigger for bullish traders and pushed the commodity to multi-day tops.
The intraday uptick was supported by the fact that technical indicators on the 1-hourly chart have been gaining positive traction. The commodity, however, lacked any follow-through ahead of a pivotal debate between Republican President Donald Trump and Democratic rival Joe Biden.
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