Gold Price News and Forecast: XAU/USD probes 50-HMA above $1,600 after US stimulus package news
|Gold Price Analysis: Probes 50-HMA above $1,600 after US stimulus package news
Despite ticking up to 50-HMA, gold prices paid a little heed to the news that the US COVID-19 Bill is near to being the law. The yellow metal currently takes rounds to $1,606, off from intraday low of $1,599, during the early Thursday.
If at all the bullion manage to clear the $1,608 immediate resistance, a falling trend line from Tuesday, near $1,624, could stop the buyers from targeting the monthly top close to $1,638.
Asian Update: Stimulus rally loses momentum, Gold volatility remains
Gold volatility seems to be settling down from ludicrous speed. The spread between futures and spot gold is now around $20, much better than the $60 we saw the other day. Gold could see the climb towards $1,700 resume once the ugly economic hits the wires. Massive stimulus, the fading of the recent stock market rally, and disastrous economic data from the US and Europe should trigger strong demand for bullion.
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