Gold Price Analysis: XAU/USD pressured to break below $1,900
XAU/USD is open to start the week lower by some 0.10% despite a slide in the greenback on Friday by 0.20%. The market is range bound and trendless with election and stimulus uncertainty whipsawing prices from day-to-day.
A second wave of the coronavirus gathering pace is also problematic for investor sentiment, although the recent news of an FDA approval for remdesivir gave a hint of positive news as do the prospects of the Johnson Johnson trials getting back on track.
|Today last price||1899.08|
|Today Daily Change||-1.82|
|Today Daily Change %||-0.10|
|Today daily open||1900.9|
|Previous Daily High||1914.3|
|Previous Daily Low||1894.48|
|Previous Weekly High||1931.54|
|Previous Weekly Low||1894.48|
|Previous Monthly High||1992.42|
|Previous Monthly Low||1848.82|
|Daily Fibonacci 38.2%||1902.05|
|Daily Fibonacci 61.8%||1906.73|
|Daily Pivot Point S1||1892.15|
|Daily Pivot Point S2||1883.41|
|Daily Pivot Point S3||1872.33|
|Daily Pivot Point R1||1911.97|
|Daily Pivot Point R2||1923.05|
|Daily Pivot Point R3||1931.79|
Gold Weekly Forecast: XAU/USD (mostly) hinges on Trump´s electoral chances
"Putting pen to paper" – such commentary from Washington about a fiscal stimulus deal has been pushing gold prices higher, while pessimism about a deal held it back. With time running out toward Election Day, the next bout of cash to fuel gold prices mostly depends on the outcome.
When President Donald Trump completed his U-turn – from cutting off talks with Democrats to stating he wants a larger deal than them, gold advanced. The same happened when House Speaker Nancy Pelosi expressed optimism about striking an accord.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.