Gold Price News and Forecast: XAU/USD next resistance awaits at $1,963
|Gold Price Analysis: XAU/USD bounces with stocks, levels to watch – Confluence Detector
Gold has been on the rise, trading above $1,940 after struggling on lower ground. The precious metal is rising alongside stock markets. Investors are shrugging off concerns that a coronavirus vaccine may be delayed – AstraZeneca suspended its Phase 3 trial.
XAU/USD could be benefiting from hopes that Republicans and Democrats strike a deal and provide more relief. That may be due to worsening polling figures for President Donald Trump.
Gold holding At Ichimoku Cloud support
Gold’s daily ichimoku chart suggests some support for the precious metal. We can see that price is looking to hold above the green cloud (red ellipse) and that the black base line is moving sideways (orange ellipse) and not following price down. As long as this holds it is likely that gold has pulled back and not reversed direction.
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