Gold Price Analysis: XAU/USD bulls to have a bumpy road towards $1,964 – Confluence Detector

Gold Price Analysis: XAU/USD bulls to have a bumpy road towards $1,964 – Confluence Detector

Gold prices refresh intraday low near $1,938 while extending pullbacks from the six-week top, flashed the previous day, during early Friday.

The yellow metal recently eased after US election updates suggest President Donald Trump’s lead in Pennsylvanian voting count. Earlier in Asia, news from Georgia and Arizona marked Joe Biden as the front-runner for the US presidency while keeping his 260+ electoral votes, versus 270 required.

Although fears of a hung decision over the blue wave in America probe the US dollar bears, optimism surrounding further easy money, be it from the central banks or governments, enthuses the global risk sentiment.

As a result, equities and commodities cheered the US dollar’s downside during Thursday before portraying a consolidation so far today. That said, S&P 500 Futures print 0.60% intraday losses while stocks in Asia-Pacific trade mixed by press time. Key levels to watch Despite the recent pullback, gold prices stay past-$1,934 key […]

About the author: StockMan

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