Gold Price Analysis: XAU/USD is entering technical crossroads
Gold has been under pressure in recent days, hit most recently by news that AstraZeneca is joining Moderna and Pfizer/BioNTech in reporting upbeat vaccine results. If the world is heading toward immunization from COVID-19, the need for fiscal and monetary stimulus is diminishing.
On the other hand, the virus continues spreading, causing economic damage which could urge policymakers to act. Additional funds could eventually flow to the previous metal.
Gold meets minor support at the November low at 1850/49
Gold meets minor support at the November low at 1850/49. A break below support at the September low at 1848/47 is a sell signal initially targeting 1835.
First resistance at 1863/65. A break higher however targets 1872/74 then a selling opportunity at 1882/84, with stops above 1890.
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