Gold Price News and Forecast: XAU/USD mildly weak above $1,600 amid mixed signals for US stimulus package


Gold struggles to cheer US dollar weakness

Gold is flashing red in Asia despite the weakness in the US dollar, its biggest nemesis. The yellow metal is currently trading at $1,606 per ounce, representing a 0.5% decline on the day. Meanwhile, the dollar index, which tracks the value of the greenback against majors, is hovering near 100.65 - down 0.27% on the day. 

Markets are offering US dollars, possibly on expectations of the US fiscal stimulus bill. The US Senate ran into some last-minute snag Wednesday afternoon and struggled to pass a $2.2 trillion relief package designed to support households and businesses, which are facing a crisis due to the coronavirus outbreak. 

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XAU/USD

Overview
Today last price 1604.55
Today Daily Change -12.51
Today Daily Change % -0.77
Today daily open 1617.06
 
Trends
Daily SMA20 1589.67
Daily SMA50 1585.78
Daily SMA100 1538.44
Daily SMA200 1506.95
 
Levels
Previous Daily High 1638.28
Previous Daily Low 1598.21
Previous Weekly High 1561
Previous Weekly Low 1451.3
Previous Monthly High 1689.4
Previous Monthly Low 1547.56
Daily Fibonacci 38.2% 1613.52
Daily Fibonacci 61.8% 1622.97
Daily Pivot Point S1 1597.42
Daily Pivot Point S2 1577.78
Daily Pivot Point S3 1557.35
Daily Pivot Point R1 1637.49
Daily Pivot Point R2 1657.92
Daily Pivot Point R3 1677.56

 

Gold: Mildly weak above $1,600 amid mixed signals for US stimulus package

Having slipped from the two-week top, gold prices drop to $1,612, down 0.26%, amid the initial Asian session on Thursday. Although broad US dollar weakness and the recent recovery in the market’s risk-tone seem to please the buyers, challenges to the US aid package as well as pandemic details keep the commodity under pressure.

Despite agreeing over the estimated $2.2 trillion Coronavirus (COVID-19) Bill, Fox News suggests the US policymakers are jostling over the details. While US President Donald Trump and Treasury Secretary Steve Mnuchin tried to sell their efforts and signaled the voting tonight, the House Leader Nancy Pelosi said that she does not think House can pass stimulus bill under unanimous consent. The diplomat also mentioned that the house will give its members at least 24 hours' notice before voting on economic relief bill.

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