Gold Price Analysis: XAU/USD pierces $1,800 inside short-term bullish flag
Gold prices print mild gains of 0.12% while taking the bids near $1,801.30 during the initial hour of Tokyo open on Monday. The yellow metal portrays a bullish flag on the hourly chart while keeping its trading momentum beyond a seven-day-old support line and 200-HMA.
Considering the bullion’s repeated bounces off near-term key supports, coupled with the MACD conditions, buyers may aim for $1,805 as an immediate resistance ahead of confirming its further run-up. In doing so, $1,811.60 holds the key to challenging the recent high, also the highest since late-2011, around $1,818.20.
Gold Price Analysis: XAU/USD seesaws around $1,800 amid mixed sentiment
Gold prices take rounds to $1,800, currently around $1,799.40, during the pre-Tokyo open Asian session on Monday. The bullion remains pressured following the two-day losing streak amid mixed clues.
The coronavirus (COVID-19) spread and the Sino-American tussle should ideally weigh on the market’s risk-tone sentiment and help the yellow metal to remain strong. However, Friday’s optimism, backed by expectations of further stimulus and virus vaccine news, seems to restrict the safe-haven demand.
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