Gold Price Analysis: XAU/USD battle lines drawn ahead of stimulus talks –” GoldZeus
Former President Donald Trump’s trial is over and while political commentators delve into the implications, for markets it only means that the Senate’s agenda is now focused on one thing –” stimulus. President Joe Biden is set to push through a covid relief bill worth as much as $1.9 trillion. Will that push gold higher or rather jolt US bond yields to fresh highs and weigh on the precious metal?
In any case, XAU/USD is preparing for a new battle. Here are the levels to watch.
The Technical Confluences Indicator is showing that gold is capped at around $1,821, which is the convergence of the Simple Moving Average 10-1h, the Bollinger Band 15min-Middle, the SMA 100-15m, the BB 1h-Middle, and many additional lines. Read more…
Gold Price Analysis: XAU/USD pares intraday losses, bearish potential intact
Gold failed to capitalize on the previous session’s intraday bounce and witnessed some fresh selling on the first day of a new trading week, albeit lacked any follow-through. The commodity remained well within Friday’s trading range and was last seen hovering around the $1823 region.
The prevalent risk-on environment was seen as a key factor that undermined the safe-haven XAU/USD. The negative factor, to some extent, was offset by a weaker tone surrounding the US dollar, which extended some support to the dollar-denominated commodity and helped limit any deeper losses. Read more…
Gold Price Analysis: XAU/USD to suffer additional losses with a daily close below $1,800
Gold (XAU/USD) struggled to make a decisive move in either direction last week. The near-term technical outlook suggests that sellers remain in control with the $1,800 support under threat, FXStreet’s Eren Sengezer reports.
Key quotes: “On Tuesday, the ZEW Survey – Economic Sentiment reports for the euro area and Germany will be watched closely by investors alongside the fourth-quarter Gross Domestic Product (GDP) figures for the eurozone. If these data point out to further weakness in the euro area economy, the greenback could start attracting investors and weigh on XAU/USD.” Read more…