Gold Price News and Forecast: XAU/USD is trending up
|Gold Price Analysis: XAU/USD portrays indecision around mid-$1,800s despite risk-on mood
Gold prices seesaw between $1,854-57, currently around $1,855.60, amid the initial Asian session on Wednesday. The yellow metal rose for the first time in the last five days on Tuesday amid the US dollar weakness and risk-on mood. However, a lack of major catalysts during early Asia probe the commodity buyers off-late.
The US Centers for Disease Control and Prevention (CDC) recently announced compulsory coronavirus (COVID-19) testing as well as the negative result for all fliers into the US from January 26.
XAU/USD: Gold/USD is trending up after the sell-off but needs to break and hold above 1855.00
I indicated the probability of prices bouncing at 1908.00 and heading up to test previous highs in my last post. However, prices failed, and we saw a sell-off as indicated on the chart below.
Prices now seem to have settled and starting to trend up again. The critical levels to watch are around 1840.00 and 1825.00 support, and resistance at 1855.00.
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.