Gold spot remains in a sideways trend
Gold holding strong resistance at 1904/08 is negative for today of course initially targeting 1896/95 (which held on all 3 tests last week). Further losses target 1890 before support at the 100 day moving average at 1882/80.
First resistance at 1904/08 but shorts need stops above 1912/13. A break higher initially targets 1917/18. Above 1920 allows a recovery to 1925 & strong resistance at 1930/32. Silver holding strong resistance at 2440/50 initially targets 2420/10. A break lower targets 2405/00 then 2360/50. On further losses look for 2310/00. Read more...
Gold Price Analysis: XAU/USD steadily climbs back to $1910 area amid softer USD
Gold edged higher during the Asian session on Tuesday and was last seen hovering near the top end of its daily trading range, just below the $1910 region.
Having shown some resilience below the $1900 level, the precious metal managed to regain some positive traction and moved away from seven-day lows set in the previous session. The uncertain US political environment kept the US dollar bulls on the defensive, which was seen as a key factor lending some support to dollar-denominated commodities – including gold. Read more...
Gold slips below $1900 mark, fresh session lows
Gold dropped to fresh session lows in the last hour, with bears now looking to extend the downward trajectory further below the $1900 round-figure mark.
The precious metal failed to capitalize on its early uptick, instead met with some fresh supply near the $1910 region amid the emergence of some fresh buying around the US dollar. Growing market worries about the second wave of COVID-19 cases in Europe and the United States continued lending some support to the greenback's status as the global reserve currency. This, in turn, was seen as a key factor exerting some pressure on the dollar-denominated commodity. Read More...
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