Gold Price News and Forecast: XAU/USD was undercut by vaccine optimism

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD holds recovery gains from 200-HMA to refresh intraday high

Gold picks up bids around $1,841, up 0.20% intraday, during early Thursday. The yellow metal marked the heaviest losses since November 23 the previous day but 200-HMA triggered the much-awaited bounce. The U-turn gains support from the receding strength of negative MACD signals to suggest further upside towards 100-HMA, at $1,851 now.

However, a downward sloping trend line from Tuesday, near $1,858 now, will challenge gold buyers ahead of highlighting the recent top surrounding $1,875 on their radars.

Asia Market: Stimulus and vaccine optimism give way to political wrangling

Gold was undercut by vaccine optimism; fiscal package stall and firm yields weigh negative.The lack of progress on the US fiscal deal has allowed the US dollar to firm up and pressure gold. The next – and possibly more powerful – knockdown to gold and silver could come from growing optimism over a vaccine.

There’s enough positive vaccine feelgood to keep gold and silver pressured in the near-term. The FDA approval could come as soon as Friday or Saturday, with the first US injections happening on Sunday or Monday, said Moncef Slaoui, chief adviser to the Trump administration on vaccine development. The vaccine may continue to undermine gold and silver's "safe haven" demand as it’s rolled out. Still, if we get a pre-holiday Christmas deal, fortune favours gold.

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