Gold Price News and Forecast: XAU/USD wavers around $1,900 amid risk aversion
|Gold Price Analysis: Battle lines well-mapped for XAU/USD ahead of US stimulus deadline – Confluence Detector
Gold (XAU/USD) remains in limbo, as it continues with the range play around $1900. A lack of progress and clarity on the US fiscal stimulus keeps the XAU bulls unmotivated. Meanwhile, the US dollar draws bids amid increased haven demand, as a sense of caution prevails across the financial markets ahead of the deadline to reach an agreement on a new aid package.
With the US policymakers still unclear whether a stimulus package can be passed before the Nov 3 election, gold is likely to have a hard time maintaining its upside momentum, in absence of new funds. How is gold positioned technically?
Gold Price Analysis: XAU/USD wavers around $1,900 amid risk aversion
Gold prices fade uptick to $1,905.03, currently around $1,904.14, during the initial Asian session on Tuesday. The yellow metal managed to cheer the US dollar weakness, before stepping back from $1,918.58, the previous day. The reason for the quote’s recent weakness could be traced from the receding odds of any coronavirus (COVID-19) stimulus from the US. Also weighing the trading sentiment could be the lack of COVID-19 vaccine and no signs of fresh Brexit talks.
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