Gold Price News and Forecast: XAU/USD off highs, still positive above $1,650 amid mild risk-on
|Gold off highs, still positive above $1,650 amid mild risk-on
Gold steps back from an intraday high of $1,674.15 to $1,663 during Tuesday’s Asian session. Even so, the yellow metal registers 0.20% gains while also staying near to the recently flashed four-week high.
The yellow metal’s recent upside could be attributed to the market’s risk recovery based on the improvements in the coronavirus (COVID-19) data from Italy and Spain, as well as US President Donald Trump’s readiness to announce another aid package to combat the virus.
Gold Price Analysis: Refreshes four-week high, $1,685 on bulls’ radar
Gold prices remain on the front foot while taking the bids near $1,668, up 0.70%, amid the Asian session on Tuesday. In doing so, the bullion refreshes the four-week high with an intraday peak of $1,674.15 while also marking a fifth consecutive daily gain.
While the yellow metal’s sustained trading beyond March 26 top suggests its further upside, an ascending trend line since March 13, 2020, seems to be the immediate resistance to watch.
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