Gold Price News and Forecast: XAU/USD flirts with the $1,900 level in anticipation of news on the fiscal front


Gold Price Analysis: XAU/USD struggles for direction, stuck in a range near $1900 mark

Gold extended its sideways consolidative price moves through the early North American session and remained confined in a narrow trading band, around the $1900 mark.

Looking at the technical picture, the XAU/USD has been oscillating between two converging trend-lines over the past one month or so. The range-bound trading action constitutes the formation of a symmetrical triangle on short-term charts.

The symmetrical triangle, though could be categorized as a bearish continuation, marks indecision over the precious metal's near-term trajectory. Moreover, neutral oscillators on 4-hourly/daily charts haven't been supportive of any firm near-term direction. Read more...

XAUUSD

Gold flirts with the $1,900 level in anticipation of news on the fiscal front

Gold treads water around $1,900 ahead of US stimulus deadline while US dollar demand persists amid jittery markets. Technically, RSI has turned neutral and the yellow metal continues to waver in a two-month-long falling wedge formation, awaiting a range breakout, FXStreet's Dhwani Mehta reports.

See: Gold needs to clear the $1,973 September high to resume the uptrend – Standard Chartered

Key quotes: "In absence of relevant US macroeconomic news featured on Tuesday, the developments around the stimulus talks will continue to remain a key driver for gold trades, as investors turn cautious ahead of the stimulus deadline." Read more...

Gold Price Analysis: XAU/USD struggles for a firm direction, holds steady above $1900 mark

Gold reversed an intraday dip to three-day lows, albeit lacked any strong follow-through and was seen oscillating in a range, above the $1900 mark through the early European session.

Nervousness ahead of a self-imposed Tuesday deadline to pass the US fiscal stimulus measures kept the US dollar bulls on the defensive, which extended some support to the dollar-denominated commodity. Investors remain unconvinced that the legislation on a wide-ranging coronavirus relief package will be passed. This, along with concerns about the risk of a disputed US election outcome, further benefitted the safe-haven precious metal. Read more...

XAU/USD

Overview
Today last price 1905.38
Today Daily Change 1.20
Today Daily Change % 0.06
Today daily open 1904.18
 
Trends
Daily SMA20 1894.7
Daily SMA50 1924.87
Daily SMA100 1873.28
Daily SMA200 1754.74
 
Levels
Previous Daily High 1918.58
Previous Daily Low 1897.1
Previous Weekly High 1933.3
Previous Weekly Low 1882.46
Previous Monthly High 1992.42
Previous Monthly Low 1848.82
Daily Fibonacci 38.2% 1910.37
Daily Fibonacci 61.8% 1905.31
Daily Pivot Point S1 1894.66
Daily Pivot Point S2 1885.14
Daily Pivot Point S3 1873.18
Daily Pivot Point R1 1916.14
Daily Pivot Point R2 1928.1
Daily Pivot Point R3 1937.62

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