Gold Price News and Forecast: XAU/USD looks poised to retreat toward $1,875
|Gold Price Analysis: XAU/USD wavers around $1,900 despite fresh US stimulus hopes
Gold drops to $1,900.45, after the day-start uptick from $1,898 to $1,903, during the early Monday morning in Asia. The yellow metal initially cheered recently increased hopes of the US coronavirus (COVID-19) stimulus. However, fears of no-deal Brexit and a wider wave 2.0 of COVID-19 challenged the bulls.
Having received an ultimatum to wrap-up the COVID-19 aid package talks from US House Speaker Nancy Pelosi, President Donald Trump crossed wires while saying that he wants a bigger plan than Pelosi. This is one of the many turns that US President Trump took after getting infected from the deadly virus.
Gold Weekly Forecast: XAU/USD looks poised to retreat toward $1,875
The troy ounce of gold lost nearly $30 on Tuesday and struggled to recover those losses in the remainder of the week. Although XAU/USD closed in the positive territory on Wednesday and Thursday, it failed to preserve its bullish momentum and turned south on Friday. Toward the end of the American session, the pair was down 0.4% and 1.5%, on a daily and weekly basis, respectively.
In the absence of significant macroeconomic data releases from major economies during the first half of the week, investors remained focused on US politics, coronavirus headlines and developments surrounding Brexit negotiations.
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