Gold Price News and Forecast: XAU/USD buyers struggle to retake control

Gold Price Analysis: Full consolidation mode in gold unless these levels are broken

Gold is in consolidation mode after its impressive bull run recently. The price hit a high of USD 1981.34 per troy ounce and now has moved lower and if a firm consolidation zone. USD 1940 per ounce is now a support level in the near term and if it is broken there could be a move lower the main consolidation low just below USD 1910 per ounce. The FOMC rate decision and press conference has led to some confusion with the risk theme in equities markets flip-flopping from the EU to the US session. 

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Gold Price Analysis: XAU/USD buyers struggle to retake control

Gold prices ease to $1,957 during the early Asian session on Friday. The yellow metal earlier surged from $1,939.66 before taking a U-turn from $1.960.32. In doing so, the quote managed to portray the first negative daily closing in 10-days on Thursday. Despite the reversal of the US dollar’s early-day gains, not to mention the US dollar index (DXY) drop to the fresh low since May 2018, the bullion failed to rise much off-late while waiting for more clues.

Be it the likely delay in the much-awaited US coronavirus (COVID-19) aid package or the surge in the pandemic, not to forget chatter about the delay in American Presidential Election and devastating GDP figures, nothing was positive to the risk-tone sentiment.

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