Gold Price News and Forecast: XAU/USD regains $1,700 as US Senate passes stimulus
|Gold Price Analysis: XAU/USD regains $1,700 as US Senate passes stimulus
Gold begins the week’s trading on a front-foot while crossing the $1,700 threshold, currently around $1,713, amid the initial Asian session on Monday. With its latest run-up in prices, the yellow metal seems to have cheered the US Senate’s passage of the coronavirus (COVID-19) aid package, as well as responding to the from China and concerning Saudi Arabia.
Gold Weekly Forecast: XAU/USD remains vulnerable unless it manages to reclaim $1,760
The XAU/USD pair staged a technical rebound at the start of the week and advanced to $1,760 as the US Treasury bond yields continued to pull away from the yearly highs set in the previous week. However, the poor performance of major equity indexes helped the USD preserve its strength and made it difficult for XAU/USD to edge higher.
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