Gold (XAU/USD) trades in the $1950 area, similar to the Friday’s close, as the yellow metal draws bids from broad-based US dollar weakness and the downbeat market mood. Coronavirus updates and Fed Chair Powell’s speech are eyed on Monday, FXStreet’s Dhwani Mehta reports. Key quotes “The sentiment remains sour amid resurgent coronavirus fears, especially after the UK is considering nationwide lockdown while Greece and Denmark announced new restrictions on Friday. Investors seek safety in gold, as they fear the fresh measures to contain the virus resurgence could temper the nascent global economic recovery. Meanwhile, the US dollar remains on the back foot, despite the risk-aversion, as the overhang over the US fiscal impasse combined with growing election risks continues to weigh.” “The negative tone in the US equity futures points to a weak start on Wall Street, which could bode well for the bright metal. The focus also remains on the speech by the US Federal Reserve (Fed) Chairman Jerome Powell due later on Monday at 14:00 GMT. Any hints on the Fed’s future monetary policy path will have a significant bearing on the dollar-denominated gold.” “A break above the 100-HMA hurdle at $1955, the price could see a fresh uptick towards the rising channel trendline resistance at $1963.11. Only a sustained break above the latter could open doors towards the last week’s high of $1973.64.” “Should the bulls face rejection at the $1963.11 barrier, the price could fall back towards the 100-HMA. Further down, sellers will aim for the 200-HMA at $1949.75 if the 21-HMA resistance-turned-support gives way. Steeper declines cannot be ruled, as the bears would regain control below a break of the $1940 level.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY: Poor American economic data to reinforce the downtrend FX Street 2 years Gold (XAU/USD) trades in the $1950 area, similar to the Friday’s close, as the yellow metal draws bids from broad-based US dollar weakness and the downbeat market mood. Coronavirus updates and Fed Chair Powell’s speech are eyed on Monday, FXStreet’s Dhwani Mehta reports. Key quotes “The sentiment remains sour amid resurgent coronavirus fears, especially after the UK is considering nationwide lockdown while Greece and Denmark announced new restrictions on Friday. Investors seek safety in gold, as they fear the fresh measures to contain the virus resurgence could temper the nascent global economic recovery. Meanwhile, the US dollar remains on the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.