Gold Price Forecast: XAU/USD’s 4H chart signals caution amid stimulus hopes, ahead of Fed
Gold (XAU/USD) settled last week with modest losses below $1940, as the bears dominated amid fading hopes for a US coronavirus relief aid. Further, investors remained optimistic about the US Food and Drug Administration’s (FDA) authorization to Pfizer’s covid vaccine. Although the looming concerns over the virus growth on both sides of the Atlantic and no-deal Brexit fears cushioned the downside in the safe-haven gold.
The risk sentiment has improved starting out a fresh week, weighing on the yellow metal, as markets await the vaccine rollout in the US after the FDA authorization early Saturday. Further, renewed Brexit optimism after the talks extended past a Sunday deadline added to the upbeat market mood. Read more…
Gold: XAU/USD’s outlook to remain downbeat in the coming sessions
Gold (XAU/USD) spots a potential descending triangle and bearish crossover as US stimulus and vaccine optimism down US dollar along with the yellow metal, FXStreet’s Dhwani Mehta reports.
“The vaccine optimism counters the likelihood of a US fiscal stimulus deal to be reached this week, rendering gold-negative. According to sources, a $908 billion bipartisan coronavirus relief package will be introduced in the US Congress as early as Monday. Also, gold traders remain jittery heading into the much-awaited and the final FOMC monetary policy decision of this year.” Read more…
Gold Price Analysis: XAU/USD flirts with session lows amid risk-on mood, downside seems limited
Gold edged lower through the early European session and refreshed daily lows, around the $1832 region in the last hour.