Gold Price Analysis: Battle lines well-defined for XAU/USD amid light trading – Confluence Detector
Gold (XAU/USD) is looking to find its feet after falling as low as $1811 last week. Broad-based US dollar weakness on doubts over the pace of the US economic recovery continues to offer support to the XAU bulls.
Although ramping up of covid vaccinations globally keeps the market mood underpinned, limiting gold’s advance. Markets look forward to the US stimulus updates amid holiday-thinned light trading for fresh impetus on the yellow metal.
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Gold Price Analysis: XAU/USD stays unimpressive near $1,820 despite risk-on mood
Gold picks up bids near $1,823, up 0.08% intraday, during Monday’s Asian session. In doing so, the yellow metal struggles to defy the previous two-day losses amid risk-on mood. However, off in China and the US, as well as the absence of any major data/events, restrict the bullion’s immediate moves.
Although the US dollar weakness and the brighter mood should have helped the precious metal, the global rush towards equities and cryptocurrencies seemed to have negatively affected gold’s latest moves.
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