XAU/USD analysis: Trades at 1,875.00
The XAU/USD exchange rate has raised to the 1,875.00 level.
It is likely that yellow metal could gain support from the 55-, 100– and 200-hour SMAs, as well the Fibo 23.60% in the 1,846.60/1,860.59 range. Thus, bulls could prevail in the market in the short term.
On the other hand, it is likely that gold could trade sideways against the US Dollar between the predetermined support area and the psychological level at 1,880.00. Read more...
Gold Price Analysis: XAU/USD remains confined in a range around $1865-70 region
Gold remained confined in a narrow trading band through the mid-European session and consolidated this week's solid rebound from the vicinity of the $1800 mark.
Currently hovering around the $1872 region, any subsequent positive move is likely to confront stiff resistance near the $1880 congestion zone. The mentioned barrier coincides with the 50% Fibonacci level of the $1959-$1803 recent leg down and should act as a key pivotal point for short-term traders. Read more...
Gold Price Analysis: XAU/USD holds steady below two-week tops, downside seems limited
Gold witnessed a modest pullback from two-week tops and was seen trading with a mild negative bias, around the $1868 region during the early European session.
The prevalent upbeat market mood – as depicted by the ongoing rally in the global equity markets – seemed to be the only factor that prompted some profit-taking around the safe-haven XAU/USD. The market has been pricing in the prospects for more aggressive government spending under Joe Biden's presidency. Read more...
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