Gold Price News and Forecast: XAU/USD look neutral/bearish near-term

Gold Price Analysis: XAU/USD on the defensive ahead of Biden, levels to watch – Confluence Detector

Gold (XAU/USD) is consolidating within Thursday's trading range above $1850, as investors await President Joe Biden's speech for the next direction. Markets are weighing in the prospects of the US fiscal spending and its impact on the economic recovery.

Further, concerns over a quick passage of Biden's $1.9 trillion stimulus proposal by the US Congress weigh on the metal. Profit-taking heading into the weekend also seems to keep the gold bulls unnerved. Read more...

Gold Futures: Look neutral/bearish near-term

Open interest resumed the downtrend on Thursday and dropped by around 3.2K contracts in light of preliminary readings from CME Group. In the same line, volume retreated for the second session in a row, now by around 83.3K contracts.

Gold faces some potential consolidation

Thursday's inconclusive price action in gold was amidst shrinking open interest and volume, hinting at the likelihood of some consolidation in the very near-term. In the meantime, the next target on the upside remains at the $1,900 per ounce for the time being. Read more...

Gold Price Analysis: Bearish bias intact for XAU/USD while below the $1876 21-DMA

Gold (XAU/USD) witnessed good two-way price movements and settled almost changed at $1869 on Thursday. According to FXStreet's Dhwani Mehta, gold bears are set to retain control below the 21-DMA at $1876 while the focus shifts to the US Markit PMI and President Biden's speech.

Key quotes: "Heading into the weekend, the correction in gold will likely to continue, as markets rethink whether the massive US fiscal stimulus could help stimulate the economic recovery." Read more...

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