Gold Price Analysis: XAU/USD moving sideways between $1,880 and $1,865

XAU/USD edges lower, with upside attempts capped below $1,880.

The precious metal struggles on a moderate risk-on market.

Longer-term, gold remains trading back and forth between $1,850 and $1,900.

Gold futures remain heavy on Wednesday, with prices dropping for the third day in a row amid a moderate risk-on mood. Bullion prices remain limited below $1,880, with downside attempts contained above $1,860 so far.The precious metal lost footing during the European trading session, as the drugmaker Pfizer announced more positive news about the latest tests of its COVID-19 vaccine.Pfizer’s news comes after Moderna announced more promising coronavirus vaccine tests earlier this week. This has contributed to easing market concerns about the economic impact of the pandemic, as global infections reach new record levels, and has triggered a moderate appetite for risk.XAU/USD retreated from $1,885 to session lows at 1,865 before bouncing up on the early US […]

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