Gold Price News and Forecast: XAU/USD prices on a steady incline towards $1,800s as USD sinks
|Gold: The bulls are taking a breather
Anyone trading gold on Friday may just as well have gone back to bed, as the market completed the smallest daily range (just $5) of 2020. Last week we focused on the four week uptrend, which had been briefly breached by the Nonfarm Payrolls volatility but essentially remained intact. This support of the uptrend could well be broken simply by consolidation this week. What this does mean is that the bulls who have been driving the market to new multi-year highs last week, are just taking a breather.
Gold testing critical resistance ahead of $1,800s, dollar bears in assistance
XAU/USD is currently trading at $1,785.16, having travelled between a low of $1,769.64 and a high of $1,786.83.
Gold is elevated by some 0.6% on the day so far, performing well despite a risk-on environment while the greenback flakes away below a critical hourly support level.
Despite the concerns pertaining to COVID-19, the week started off on the front foot in Asian financial markets, with stock indices rallying.
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