Gold Price News and Forecast: XAU/USD seesaws between $1,710 and $1,705
|Gold Price Analysis: XAU/USD wavers above $1,700, overlook US infrastructure spending plan
Despite cooling down from $1,715, gold treads water inside a $5 trading range, around $1,707 by the press time of the early Asian session on Thursday. The yellow metal marked a stellar recovery from $1,678 but a lack of enthusiasm in the market, despite a $2.25 trillion US infrastructure spending announcement, probes the bullion buyers. Also challenging the precious metal prices are the coronavirus (COVID-19) and vaccine updates, not to forget news linked to China.
Gold Price Analysis: Bears seeking a re-test of daily support
Further to the prior analysis made in Asia, Gold Price Analysis: Upside correction from daily support on the cards? the price has indeed corrected from daily support testing the 61.8% Fibonacci retracement level of the prior daily bearish impulse. At the time of writing, XAU/USD is trading some 1.50% higher at $1,710 after climbing from a low of 41,677.95 to a high of $1,715.28.
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.