- XAU / USD remains flat above $ 1,800 after a $ 70 decline for the week.
- Gold’s upside attempt remains capped at $ 1,815.
- Bullion remains above the important support at $ 1,795.
Gold futures they have remained virtually unchanged between $ 1,800 and $ 1,810 for the second day in a row in a weak market session in the middle of the Thanksgiving holiday in the United States. The yellow metal is in a consolidated mood having lost around $ 70 / oz this week.
Gold rises on weak US dollar
Gold prices They appreciated in early trading as the US dollar hit new multi-month lows against a basket of the most traded currencies following the release of the FOMC minutes on Wednesday. The Federal Reserve hinted at the possibility of increasing monetary stimulus at the December meeting, which added negative pressure on the US dollar.
Attempts to the upside, however, have been capped below $ 1,815 again on Thursday. Moderate risk aversion, with investors shifting their focus from progress on COVID-19 vaccines to the reality of the expanding pandemic and prospects for lasting lockdowns, has supported the safe-haven US dollar, weighing on demand for gold.
XAU / USD: Hovering above major support at $ 1,795
From a technical standpoint, the XAU / USD is attempting to set a lower level above the key support at $ 1,795 (mid-July lows and 200-day SMA) below the following areas of interest are $ 1,760, the 50% Fibonacci retracement from March to July rally and $ 1,700 (June 15 lows).
On the upside, the pair should break out $ 1,815 (Nov 25 high) and extend beyond $ 1,850 to ignore the downside pressure and pave the way towards the $ 1,900 and $ 1,910 psychological level and the SMA of 100 days.
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
