Gold Price News and Forecast: XAU/USD pullback from $1,900 highlights immediate rising wedge
|Gold Price Forecast: XAU/USD downed by US dollar comeback after Presidential election debate
Gold (XAU/USD) extended its recovery rally from two-month lows on Tuesday, only to face rejection at $1900 but settled near daily highs. The main catalyst behind gold’s rise was the extended corrective declines in the US dollar from two-month highs amid cautious optimism. Expectations over a likely US coronavirus relief bill and solid Chinese economic data buoyed the sentiment, although investors remained cautious amid the coronavirus resurgence and ahead of the first US Presidential election debate.
Gold Price Analysis: XAU/USD pullback from $1,900 highlights immediate rising wedge
Gold prices bounce off an intraday low of $1,892.72 to $1,896.70 amid Wednesday’s Asian session. The yellow metal recently dropped after the US presidential debate questioned market sentiment. Technically, a three-day-old rising wedge formation on the hourly chart keeps sellers hopeful even as 200-HMA probes immediate downside.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.