Gold (XAU/USD) witnessed good two-way price movements and settled almost changed at $1869 on Thursday. According to FXStreet’s Dhwani Mehta, gold bears are set to retain control below the 21-DMA at $1876 while the focus shifts to the US Markit PMI and President Biden’s speech. Key quotes “Heading into the weekend, the correction in gold will likely to continue, as markets rethink whether the massive US fiscal stimulus could help stimulate the economic recovery.” “The main drivers remain the US Markit Preliminary Manufacturing PMI and President Joe Biden’s speech for fresh direction on the prices. Biden is due to speak on his administration’s response to the economic crisis.” “A breach of the $1859 50-DMA support could expose the 200-DMA cap at $1848. The next relevant support awaits at $1832, the January 20 low.” “A firm break above the $1876 21-DMA barrier is needed for a test of the horizontal 100-DMA at $1883. However, the path of least resistance appears to the downside so long as the XAU bulls hold below the 21-DMA.” 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 GBP/USD: The close above 1.3712 pushes the 1.3836 February 2016 low to the fore – Commerzbank FX Street 2 years Gold (XAU/USD) witnessed good two-way price movements and settled almost changed at $1869 on Thursday. According to FXStreet’s Dhwani Mehta, gold bears are set to retain control below the 21-DMA at $1876 while the focus shifts to the US Markit PMI and President Biden’s speech. Key quotes “Heading into the weekend, the correction in gold will likely to continue, as markets rethink whether the massive US fiscal stimulus could help stimulate the economic recovery.” “The main drivers remain the US Markit Preliminary Manufacturing PMI and President Joe Biden’s speech for fresh direction on the prices. Biden is due to speak… 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.
