Gold Price News and Forecast: XAU/USD stuck in range below $1900, awaits fresh impetus [Video]
|Gold lacks energy, trapped within a range [Video]
Gold has barely recovered last week’s sharp downfall that drove the price towards September’s low of 1,848, lingering slightly below its 20- and 50-day simple moving averages (SMAs) and the Ichimoku cloud. The momentum indicators are currently painting a neutral-to-bearish picture for the short term as the RSI continues to lack direction and is marginally below its 50 neutral mark, while the MACD is also in a sideways move around its red signal line and within the negative area. Read more...
Gold Price Analysis: XAU/USD stuck in range below $1900, awaits fresh impetus
Gold’s (XAU/USD) upside attempts continue to remain capped below the $1900 mark, as the metal extends its $20 range play in the European session.
Despite the latest leg higher from session lows of $1887, the further upside in the spot appears elusive, as the US dollar stages a comeback across the board. The risk-rally driven by the optimism over the vaccine progress seems to fade amid resurfacing concerns over the surging coronavirus cases worldwide. The safe-haven demand for the greenback returns, lifting the US dollar index from four-day lows of 92.47 to 92.64, at the press time. Read more...
Gold Futures: Room for extra upside
Open interest in gold futures markets rose for the third consecutive session on Friday, this time by around 3.2K contracts according to preliminary figures from CME Group. On the other hand, volume extended the downtrend for yet another session, now by around 75.7K contracts.
Gold prices cling to the positive territory at the beginning of the week and approach the critical $1,900 mark per ounce. Friday’s uptick amidst rising open interest allows for extra gains in the very near-term. Read more...
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