Gold Price Analysis: XAU/USD wobbles near five-month low below $1,800 as Powell, Mnuchin weigh on risks
Gold prices seesaw around $1,77/78 during the early Tuesday morning in Asia. The yellow metal dropped to the lowest since July the previous day before bouncing off $1,764.73. The quote’s latest moves take clues from the downbeat comments of the Fed Chair Jerome Powell and US Treasury Secretary Steve Mnuchin. Though, coronavirus (COVID-19) vaccine hopes battle the bulls amid mild risk-off mood.
|Today last price||1.3344|
|Today Daily Change||0.0015|
|Today Daily Change %||0.11|
|Today daily open||1.3329|
|Previous Daily High||1.3385|
|Previous Daily Low||1.3305|
|Previous Weekly High||1.3398|
|Previous Weekly Low||1.3264|
|Previous Monthly High||1.3398|
|Previous Monthly Low||1.2854|
|Daily Fibonacci 38.2%||1.3355|
|Daily Fibonacci 61.8%||1.3336|
|Daily Pivot Point S1||1.3294|
|Daily Pivot Point S2||1.326|
|Daily Pivot Point S3||1.3214|
|Daily Pivot Point R1||1.3374|
|Daily Pivot Point R2||1.342|
|Daily Pivot Point R3||1.3454|
Gold Price Analysis: Bears in the driving seat, but bulls will be keen to reload
Gold is currently trading at $1,779.10 between the day's range of $1,764.73 and $1,800.70, down some 0.46% at the time of writing. The price is firmly below the psychological $1,800 level as the market continues to unwind the risk-off trade that had benefitted gold so well over the course of the year.
However, risk markets retreated at the start of the day as month-end flows dominated activity, which helped to support the precious metal on Monday, despite a tentative bid in the greenback.
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