Gold Price News and Forecast: XAU/USD treads water around $1900.00
|US Markets React: Gold gains, equities and dollar tumble on stimulus jitters
Gold reached $1918.58 on Monday its highest since last Tuesday and closed at $1904.18 up from the open of $1897.10 The precious metal has seen narrowing ranges since early last week as the legislative back and forth on the stimulus has elicited an ever weaker response from traders. The reaction remains focused on the negative economic impact if a deal fails but hemmed in by resistance at $1930 and $1955 and support at $1880 and $1850.
China's prime is optimal
Gold continues to range trade each side of $1900.00 an ounce in subdued range trading. Gold rose five dollars to $1904.50 an ounce overnight as equities fell but has since eased to $1900.50 an ounce as US equity futures rose in Asia. It is clear that gold is moving to nuances in other markets, and not on gold fundamentals alone. However, the ever-compressing ranges continue to form a triangle formation that suggests a massive breakout is coming, with a potential to move over $100 an ounce.
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.