Gold Price Analysis: XAU/USD buyers attack $1,900 as the key day begins
Gold prices tread water around $1,898/99 during the initial Asian session on Wednesday. The yellow metal rose to the highest since September 23 the previous day before recently losing upside momentum ahead of the key events, including the US presidential debate and China PMIs. It’s worth mentioning that the precious metal bulls have earlier cheered the US dollar declines, not to forget about the market risks, on Monday and Tuesday.
Gold Price Analysis: XAU/USD is moving in on a familiar structure in the $1,900s
The price of gold is trading on the bid at $1,897.50 and some 0.88% higher on the day as the US dollar crumbles away. The range on the day so far has been between $1,875 and $1,898.52 as the bulls approach a key resistance area on the charts between 1908 and 1928.
However, while some may argue that the secular bull market in precious metals is still intact as capital will continue to seek shelter from a prolonged period of negative real rates, there is more at play here pertaining to the US dollar.
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