Gold Price Analysis: XAU/USD in stasis, impending death cross may be a bear trap
Gold lacks clear directional bias despite an improved risk appetite and weakness in the US dollar. The yellow metal's daily chart shows key averages are set to chart a bearish crossover. At press time, gold is trading near $1,845 per ounce, having dropped by 0.24% on Monday.
The US President Joe Biden announced on Tuesday that his administration is boosting weekly vaccine supply, weakening the selling pressure in stocks, and pushing the anti-risk dollar lower. Additional bearish pressure likely emerged from the International Monetary Fund's upward revision of the 2021 global growth forecasts.
Gold Price Forecast: XAU/USD looks south ahead of the Fed decision
Gold (XAU/USD) wavered in a $10 range around $1855 on Tuesday, settling in the red amid a broadly firmer US dollar. Uncertainty over the US $1.9 trillion stimulus plan, covid growth concerns and US-Sino tussle weighed on the market mood and boosted the US dollar’s appeal as a safe-haven. Meanwhile, upbeat US CB Consumer Confidence data also added to the upbeat momentum in the greenback. The International Monetary Fund's (IMF) upward revision of the 2021 global growth forecasts further exerted bearish pressures on gold.
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