Gold Price Forecast: XAU/USD eases from six-week high on USD rebound, $1,834 in focus By anilpanchal7 Gold Coronavirus Fed Commodities RiskAppetite
That said, the S&P 500 Futures rise 0.55% while the US Dollar Index struggles around a one-month low amid cautiously optimistic markets.
While portraying the covid data, Reuters said, “Worldwide infections hit a record high over the past seven-day period, with an average of just over a million cases detected a day between Dec. 24 and 30.” Thealso mentioned, “Over 4,000 flights were canceled around the world on Sunday, more than half of them were the US flights, adding to the toll of holiday week travel disruptions due to adverse weather and the surge in COVID-19 cases.
In addition to the market’s consolidation, an absence of major data/events and off in multiple bourses also underpin the latest corrective pullback in gold prices. will be crucial to watch. For intraday, final readings of the US Markit Manufacturing PMI for December may offer immediate directions.A clear upside break of a 10-week-old horizontal resistance, near $1,814-16, enabled gold buyers to refresh monthly top on Friday. The run-up gained support from firmer RSI and bullish MACD signals, keeping gold buyers hopeful of late.Adding to the upside filters are multiple levels marked near $1,850 and November’s peak of $1,877.
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