Gold Price Analysis: XAU/USD remains depressed near $1975 level, lacks follow-through

Gold struggled to preserve intraday gains and turned negative during the European session.

The risk-on mood, a modest USD uptick exerted some downward pressure on the commodity.

COVID-19 jitters, reviving hopes for US fiscal stimulus helped limit the downside for the metal.

Gold refreshed daily lows, around the $1870 region during the mid-European session, albeit lacked any follow-through selling. The commodity was last seen trading in the neutral territory, just above the $1975 level and remained well within the previous day’s broader trading range.The precious metal failed to capitalize on its early uptick, instead met with some fresh supply near the $1884-85 region and was being pressured by a combination of factors. The global risk sentiment remained well supported by the optimism over an effective vaccine for the highly contagious coronavirus disease. This was evident from the prevalent bullish tone around the equity markets, which undermined […]

About the author: StockMan

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