Gold Price Analysis: XAU/USD wavers above $1,700, overlook US infrastructure spending plan
Despite cooling down from $1,715, gold treads water inside a $5 trading range, around $1,707 by the press time of the early Asian session on Thursday. The yellow metal marked a stellar recovery from $1,678 but a lack of enthusiasm in the market, despite a $2.25 trillion US infrastructure spending announcement, probes the bullion buyers. Also challenging the precious metal prices are the coronavirus (COVID-19) and vaccine updates, not to forget news linked to China.
Gold Price Analysis: Bears seeking a re-test of daily support
Further to the prior analysis made in Asia, Gold Price Analysis: Upside correction from daily support on the cards? the price has indeed corrected from daily support testing the 61.8% Fibonacci retracement level of the prior daily bearish impulse. At the time of writing, XAU/USD is trading some 1.50% higher at $1,710 after climbing from a low of 41,677.95 to a high of $1,715.28.
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