Gold stays heavy for third consecutive day, eyes Monday’s low of $1,882.34 as immediate support. US dollar stays bullish while refreshing the highest levels since July 27. American Congress avoids government shutdown in October, virus woes continue with fresh cluster in Brooklyn. Global PMIs are in focus given the central bankers’ readiness for more. Gold takes offers near $1,887.37, down 0.68% on a day, ahead of Wednesday’s European session. In doing so, the bullion seesaws near the intraday low near $1,882 while also battling the weekly low near the same level. Given the US dollar’s sustained run-up for the fourth consecutive day, to the fresh two-month high, bears are in command. The coronavirus (COVID-19) cluster in Brooklyn can be cited as favoring the greenback’s strength. Though, the US dollar index (DXY) takes major strength from the American policymakers’ joint efforts over the stopgap funding to avoid a government shutdown as the present bill expires on September 30. While the USD’s inverse correlation hits the yellow metal, the mixed performance of Asian stocks and the US stock futures also fails to direct the funds to the precious metals. Furthermore, COVID-19 woes at the world’s biggest gold consumers, namely India and China, dampen the sentiment of any recovery in physical demand. On Tuesday, Wall Street cheered upbeat US data and Fed Chair Jerome Powell’s measured comments. Though, the Sino-American tension, as inferred through the United Nations (UN) General Assembly, kept challenging the risk reset, which in turn propelled the greenback. Moving on, gold traders are waiting for preliminary readings of September month PMIs from the UK, Europe and the US for fresh impetus. However, the US dollar’s sustained strength can keep the sellers on board. Technical analysis Gold’s failures to bounce back beyond the seven-week-old resistance line, at $1,930 now, joins bearish MACD to direct the sellers towards August month’s low of $1,863.74. Though, a clear break below the weekly low of $1,882.34 becomes necessary. On the contrary, $1,960 could lure the bulls beyond the aforementioned resistance line, previous support. Gold four-hour chart Trend: Bearish 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 EUR/USD now risks a move to 1.1630 – UOB FX Street 2 years Gold stays heavy for third consecutive day, eyes Monday’s low of $1,882.34 as immediate support. US dollar stays bullish while refreshing the highest levels since July 27. American Congress avoids government shutdown in October, virus woes continue with fresh cluster in Brooklyn. Global PMIs are in focus given the central bankers’ readiness for more. Gold takes offers near $1,887.37, down 0.68% on a day, ahead of Wednesday’s European session. In doing so, the bullion seesaws near the intraday low near $1,882 while also battling the weekly low near the same level. Given the US dollar’s sustained run-up for the fourth… 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.