Gold Price News and Forecast: XAU/USD turn lower even as S&P 500 futures drop
|Gold Price Analysis: XAU/USD holds above $1,800 inside ascending channel on 1H
Gold prices seesaw around $1,810 while searching for a fresh direction during early Friday. Even so, the bullion trades inside a three-day-old ascending trend channel, which in turn keeps the buyers hopeful above $1,800. In doing so, the channel resistance around $1,820 becomes an immediate upside hurdle restricting the further rise towards the previous support line from November 16, at $1,830.55 now.
During the quote’s sustained rise beyond the resistance line, 200-HMA level near $1,850 and November 19 bottom close to $1,853 will be among the last few challenges for gold buyers.
Gold Price Analysis: XAU/USD turns lower from 5-day SMA even as S&P 500 futures drop
Gold is struggling to draw bids despite the losses in the US stock futures and doubts about a coronavirus vaccine. The yellow metal is currently trading largely unchanged on the day near $1,809, having faced rejection at the descending 5-day Simple Moving Average (SMA) of $1,813 early Friday. The S&P 500 futures are down over 0.30%.
British drugmaker AstraZeneca's low-cost vaccine is now facing intense scrutiny, with scientists raising doubts about the robustness of results showing the shot was 90% effective. As such, the approval of the vaccine could be delayed.
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