Gold Price News and Forecast: XAU/USD bugs awaiting their discount

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD buyers await fresh clues around mid-$1,900s

Gold prices seesaw around $1,951/52 during the initial hour of Monday’s Asian session. The yellow metal began the week’s trading near $1,953.50 while keeping the late Friday's range between $1,950 and $1,955. The bullion’s recent inactivity could be traced to the uncertainty over the US polity as Donald Trump challenges Joe Biden’s victory in the latest elections. Also, the Republicans’ hold in the Senate offers additional troubles for the recently elected Democratic leader. Further, the coronavirus (COVID-19) and Brexit are additional hurdles for the precious metal buyers.

XAU/USD

Overview
Today last price	1954.06
Today Daily Change	1.66
Today Daily Change %	0.09
Today daily open	1952.4

Trends
Daily SMA20	1905.36
Daily SMA50	1913.73
Daily SMA100	1899.24
Daily SMA200	1778.72

Levels
Previous Daily High	1960.4
Previous Daily Low	1935.7
Previous Weekly High	1960.4
Previous Weekly Low	1873.52
Previous Monthly High	1933.3
Previous Monthly Low	1860
Daily Fibonacci 38.2%	1950.96
Daily Fibonacci 61.8%	1945.14
Daily Pivot Point S1	1938.6
Daily Pivot Point S2	1924.8
Daily Pivot Point S3	1913.9
Daily Pivot Point R1	1963.3
Daily Pivot Point R2	1974.2
Daily Pivot Point R3	1988

The Chart of the Week: Gold bugs awaiting their discount

The price of gold has been supported on the US election outcomes as the US dollar slides into the hands of the bear’s on what most would describe as an inevitable outcome.

In so much as the dollar was expected to fall, the strong gains in risk appetite could be tempered by various fundamentals from which the US elections have distracted investors from.

Therefore, and without necessarily presuming that the rally in gold, for the near-term, is over, it does justify the case for a downside correction for which rewards prudent bulls a discount in catching the next bullish impulse.

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