Gold Price Analysis: XAU/USD bulls attempting to correct the bearish impulse
Gold prices are attempting to correct higher following strong daily supply. The 4-hour environment is bullish while the price holds above support. The price of the yellow metal has been under pressure of late and is attempting to correct the supply. The following is an analysis of the daily chart that offers a bearish bias from a 61.8% Fibonacci retracement.
Gold Price Analysis: XAU/USD eases below $1,850 ahead of Biden’s entry to White House
Gold wavers around $1,841 after printing a two-day winning streak during the initial Asian session on Wednesday. The yellow metal’s bounce off multi-day-old support line, from March, joined the US dollar’s pullback to trigger the bullion’s recent recovery. However, the coronavirus (COVID-19) woes join cautious sentiment ahead of Biden’s inauguration party to challenge the risk-on mood.
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