Gold Price Analysis: XAU/USD upside attempts fails right below $1,900

Gold recovery remains limited below $1,900 area.

XAU/USD has been buoyed by USD weakness with risk appetite picking up.

Gold futures have attempted to shrug off the bearish pressure suffered earlier this week to stage a moderate pick up on Thursday and Friday. The yellow metal, however, has been unable to extend its recovery beyond $1,896 in a cautious market atmosphere. Gold, attempting to set a bottom at $1,850

XAU/USD has ticked higher on Friday, following a three-day consolidation period, after a 4.5% sell-off on Monday. News reporting that the COVID-19 vaccine developed by Pfizer was 90% effective boosted appetite for risk at the week’s opening and sent gold futures timbling.Bullion prices dropped to $1,850 later on, where they found support at four-month lows, to consolidate below $1,880/90 during the last three days. Gold remained moving sideways with risk sentiment fading as fears about the economic consequences of the second COVID-19 […]

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