Gold snaps two-day recovery amid risk reset. US dollar pullback, upbeat data and the global policymakers’ fight against coronavirus seem to contribute to the risk reset. US data, COVID-19 updates will be important for near-term direction. Gold prices pull back from five-day high to $1,637.50, down 0.07%, during the Asian session on Thursday. While the US dollar pullback from monthly lows can be considered against the yellow metal’s recent upside, the recent recovery in risk-tone has also contributed to the bullion’s weakness. Not only the rate cuts from the top-tier central banks but the use of fiscal measures and policy actions have also boosted the traders’ anticipation that the global policymakers are doing all they can to confront the deadly coronavirus (COVID-19). With this, the broad risk-off seems to have stepped back, which in turn helps the US 10-year treasury yields to recover from the record low to 1.05% by the press time. On the other hand, upbeat prints of the US ISM Non-Manufacturing PMI and ADP Employment Change contributed to the US dollar pullback from the early-January lows. Even so, an increase in the numbers of the global coronavirus outbreak and the latest state of emergency declared by Californian Governor over COVID-19 seem to support the risk aversion. Earlier during the day, policymakers from Australia and South Korea have also raised concerns about the deadly virus. That said, any updates relating to the pandemic will be the key to forecast near-term trade direction of the safe-haven. Technical Analysis A bearish candlestick formation on the daily chart caps the yellow metal’s short-term upside around $1,655. 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 China reports 139 additional coronavirus cases March 4 FX Street 3 years Gold snaps two-day recovery amid risk reset. US dollar pullback, upbeat data and the global policymakers’ fight against coronavirus seem to contribute to the risk reset. US data, COVID-19 updates will be important for near-term direction. Gold prices pull back from five-day high to $1,637.50, down 0.07%, during the Asian session on Thursday. While the US dollar pullback from monthly lows can be considered against the yellow metal’s recent upside, the recent recovery in risk-tone has also contributed to the bullion’s weakness. Not only the rate cuts from the top-tier central banks but the use of fiscal measures and policy… 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.