Gold Price Analysis: XAU/USD levels to watch ahead of critical US data – Confluence Detector
Renewed hopes of a potential US fiscal stimulus deal, helped Gold (XAU/USD) clinched two straight days of gains, as the XAU bulls remained hopeful of new funds to lift the prices northwards. President Donald Trump’s offer of $1.8 trillion in fiscal aid on Thursday helped narrow Wall Street losses and stall the US dollar rally.
Despite the market optimism, gold struggles to extend the advance above $1900, as investors turn cautious ahead of the critical US Retail Sales and Michigan Consumer Sentiment data due later on Friday. Let’s take a look at gold technical charts, as it remains on track to book a weekly loss. Read Moor…
Gold to soar to $2300 at the beginning of 2021 – ANZ
Economists at ANZ Bank maintain a positive outlook for the yellow metal as coronavirus cases are surging all over the world. Gold (XAU/USD), which has been edging higher, topping the $1,900 level, is expected to race higher towards $2300 early in 2021. Read Moor…
Gold steadily moves back above $1910 level, fresh session tops
Gold quickly reversed an early European session dip to the $1903 region and has now moved back to the top end of its daily trading range.
The emergence of some fresh selling around the US dollar assisted the dollar-denominated commodity to regain traction and move back into the positive territory for the third consecutive session on Friday. Fading hopes of additional US fiscal stimulus measures, along with the US political uncertainty kept the USD bulls on the defensive through the first half of the trading action on the last day of the week.
The greenback was further pressured by a modest pullback in the US Treasury bond yields, which tend to benefit the non-yielding yellow metal. However, concerns that a steep rise in COVID-19 cases could lead to renewed lockdown measures and hinder the global economic recovery might extend some support to the USD’s status as the global reserve currency. This, in turn, should keep a lid on any strong gains for the XAU/USD. Read Moor…
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