Gold Price Forecast: XAU/USD snaps four-day uptrend as Covid woes sour sentiment – by anilpanchal7 Gold XAUUSD RiskAppetite Fed NFP
China’s coronavirus concerns, cautious mood ahead of the key data, events weigh on Gold price.
Federal Reserve Chairman Jerome Powell’s speech, United States Nonfarm Payrolls are crucial to watch for fresh impulse.Gold price drops for the first time in five days while printing mild losses at around $1,750 during early Monday. In doing so, the yellow metal bears the burden of the market’s sour sentiment, as well as the cautious mood ahead of important data and events scheduled for publishing during the week.
China reported an all-time high of COVID-19 daily cases with nearly 40,000 new infections on Saturday. The dragon nation has been using the stringent policy to limit the virus spread but the outcome hasn’t been a positive one so far. On the contrary, a deadly fire in a building was allegedly linked to the strict virus-inspired lockdown measures and resulted in mass protests in Beijing and Shanghai.
Considering China’s status as one of the key Gold consumers, negatives from the dragon nation won’t hesitate to push back the metal buyers. It’s worth noting that the People’s Bank of China cut the Reserve Requirement Ratio by 25 basis points effective from December 5 but failed to impress the Gold buyers as the news was already priced in. Alternatively, downbeat prints of China’s Industrial Profit seemed to have favored the XAU/USD bears. That said, China’s Industrial Profit dropped to -3.0% during the January to October period versus -2.3% marked for the January-September era.
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