Gold Price News and Forecast: XAU/USD tackles consolidation’s top frontier; drive frail [Video]
|Alongside gold gains, silver is also expected to increase [Video]
The fundamental picture for gold to find buyers is well reported amongst market participants. However, alongside gold gains, silver is also expected to increase. Expectations of a low USD, low-interest rates, high levels of QE, and a Biden Presidency are all anticipated to be positive for both gold and silver.
This means that silver is also a potential medium-term buy with buyers expected on pullbacks to key support. Read more...
Gold technical analysis: XAU/USD tackles consolidation’s top frontier; drive frail
Gold appears shackled as it is struggling to break above the cloud’s ceiling, which coincides with the roof of the two-and-a-half-month ranging market. In spite of the dwindling 50-day simple moving average (SMA), the SMAs defend the broader dictating bullish tone. The near-term gradual fading of the 50-day SMA and the directionless Ichimoku lines promote the commodity’s neutral demeanour.
The short-term oscillators maintain a positive attitude despite flimsy sentiment. The MACD is above its red trigger line and the zero mark, while the RSI is creeping higher in the bullish region. The %K line is increasing above its %D line in overbought territory and has yet to show signs of waning in price. Nonetheless, a pullback cannot be ruled out as the price is currently encountering a heavy obstacle. Read more...
Gold Price Analysis: XAU/USD eases from multi-week tops, still comfortable above $1950 level
Gold trimmed a part of its early gains to the highest level since mid-September, albeit has still managed to hold in the positive territory. The commodity was last seen trading just above the $1955 level, up 0.30% for the day.
The US dollar remained depressed on the back of the Democratic candidate Joe Biden's victory in a nail-biting US Presidential election. A weaker greenback was seen as one of the key factors that benefitted dollar-denominated commodities, including gold. Read more...
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