Gold Price Analysis: XAU/USD ticks up to $1,860 after testing $1,850 support

XAU/USD extends losses for the fourth day in a row to test $1,850 support.

Gold weakens on risk aversion as COVID-19 cases remain on the rise.

Breach of $1,850 might accelerate gold’s near-time downtrend.

Gold futures have headed south for the fourth consecutive day on Thursday, to test key support at $1,850, which, so far, remains intact as the pair bounced up to $1,860 area. XAU/USD extends losses on a risk-off market The unremitting growth of the second COVID-19 wave has returned to the spotlight after the US reported a death toll of 250,000 on Wednesday and New York City decided to close schools to curb the increase of contagions.This news has offset investors’ optimism about the promising trial results of some coronavirus vaccines, reactivating concerns about the economic consequences of further lockdown measures and dampening the moderate risk appetite seen over the previous days.The US […]

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!

Comments

No comments yet