Gold Price News and Forecast: XAU/USD survives test of $1800 for now, eyes test of 200DMA at $1796
|Gold Price Analysis: XAU/USD consolidates above $1,800, risk-on favors bears near four-month low
Gold bears catch a breather around $1,807/08 amid the early Wednesday morning in Asia. The yellow metal dropped to the lowest since July 20 the previous day but refrained from breaking the $1,800 round-figure.
The hopes of the US stimulus and recovery from the coronavirus (COVID-19) keep the gold bears hopeful. Even so, the metal’s latest U-turn may have respected the cautious mood ahead of 200-day SMA amid oversold RSI conditions on the daily chart.
Gold Price Analysis: Gold survives test of $1800 for now, eyes test of 200DMA at $1796
Spot gold (XAU/USD) seems to have survived a test of the psychological $1800 level for now, with buyers coming in ahead of the November 2011 and October 2012 highs (at $1803 and $1796 levels respectively). Gold prices have traded within a thin $1802-$1807 range over the past few hours, as gold market participants catch their breath ahead of the next move. As things stand, the precious metal trades lower by over $30 on the day or down 1.8%.
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