Gold Price Analysis: XAU/USD unable to regain the $1,900 level

Gold recovery remains limited below $1,900 area.

XAU/USD lacks momentum amid the brighter market mood.

Bearish confirmation below $1,850 support might accelerate the downtrend.

Gold futures have failed on their attempts to return above $1,900 level on Monday and the yellow metal has pulled back to the previous days’ range, with downside attempts supported above $1,870. Gold lacks strength amid a brighter market mood XAU/USD’s bullish attempts have been stopped right below the $1900 level on Monday as the brighter market mood has dented demand for the safe-haven gold.The upbeat Chinese industrial production and the stronger than expected foreign investment figures have confirmed that China’s economy is accelerating after the pandemic shock. This has improved investors’ confidence in the global economic outlook .Furthermore, Moderna’s announcement that their COVID-19 vaccine is 94.5% effective, has contributed to brightening sentiment triggering a significant rally on equity markets. The Dow […]

About the author: StockMan

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