Gold Price Forecast: XAU/USD bulls losing conviction while below $1900

Gold faces an uphill task in its recovery from the $1850 support area.

Rising covid cases overshadow vaccine optimism, boost stimulus hopes.

Downside more compelling while XAU/USD stays below $1900.

Gold’s (XAU/USD) rebound from six-week lows of $1850 faltered near the $1891 barrier on Tuesday, although the spot managed to hold on to the recovery gains. The bright metal settled the day around $1878 levels. Pfizer Inc’s vaccine progress led euphoria in the global markets subsided, as investors re-thought about its implications on the global economic recovery and prospects for further stimulus, limiting the downside in gold. However, the US dollar remained relatively stronger amid mixed sentiment on Wall Street, which capped the gains in XAU/USD.Amid a partial US market holiday this Wednesday, gold wavers in familiar ranges below the $1891 critical resistance, underpinned by renewed hopes of additional fiscal and monetary policy stimulus to spur […]

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