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...
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...
|Today last price||1905.38|
|Today Daily Change||1.20|
|Today Daily Change %||0.06|
|Today daily open||1904.18|
|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|
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.