Gold Price Analysis: XAU/USD trims losses and approaches $1,900

Gold trims weekly losses and returns to $1,885 area.

The precious metal bounces up amid moderate dollar weakness.

A clear Biden’s victory might open the doors for gold’s recovery.

Gold futures have bounced up from $1,860 lows, returning to $1,885 area, buoyed by a slightly brighter market mood on Friday which has eased safe-haven demand for the US dollar. Gold depreciates in a cautious market The yellow metal, however, remains negative on the week, on track for a 1,1% depreciation. Market concerns about the impact of a second COVID 19 wave and the uncertainty above the US elections have strengthened the US dollar, on the detriment of dollar-denominated commodities, like gold, which dropped to levels right above multi-month lows at $1,850.A round of short-covering in the last trading day of the month could explain the moderate pullback of the US dollar , which has helped bullion […]

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.

Posting Guidelines
Do
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

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

Comments

No comments yet