Gold Price News and Forecast: XAU/USD remains on the front foot following US President Trump’s speech
|Gold remains on the front foot following US President Trump’s speech
Gold prices trade around $1,645, +0.50%, during the Asian session on Thursday. The yellow recently popped to the intra-day high of $1,645.18 but dropped around $1,642 afterward as the US President Trump tried to placate investors with this speech.
Watch Live: President Trump and members of the coronavirus Task Force hold a news conference
“We are ready to act and do whatever we have to. The risk to the American people from the virus is very low,” said US President Donald Trump during the news conference joined by the members of the US Coronavirus Task Force.
Gold backs-off from fresh US session high in series of hourly lower lows and lower highs
As we head into the spot market close for Wednesday, on another bearish coronavirus New York session, gold has been selling off since the $1,689.30 highs printed earlier this week and has started to consolidate between $1,624 and $1,658. The range for the day has been between $1,625.09 and $1,655.10 but a series of lower lows and highs is not a healthy foundation for the bulls at this juncture, although fundamentals lean with a bullish bias as US stocks remain on the backfoot into the Wall Street close.
The coronavirus remains a concern due to the rapid spread beyond China to all corners of the world. The latest data shows that there are around 81,300 confirmed global cases while Mainland China, South Korea and Italy lead the scales of national epidemics.
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