Gold seesawed between tepid gains/minor losses through the early European session and was last seen trading around the $1865 region, nearly unchanged for the day.
The precious metal failed to capitalize on the previous day's late rebound from the vicinity of the $1850 support area and remained confined in a range amid conflicting signals from the US regarding COVID-19 stimulus. Reports indicated that US Senate Republican and Democrat leaders had agreed to resume negotiations on another coronavirus stimulus package. This, in turn, kept a lid on any meaningful upside for the XAU/USD.
The positive development, to a larger extent, was offset by the US Treasury Secretary Steven Mnuchin's decision to end some of the pandemic relief for struggling businesses. The announcement took its toll on the global risk sentiment and was evident from a fresh leg down in the equity markets. The anti-risk flow, along with a subdued US dollar price action extended some support to the dollar-denominated commodity and helped limit the downside.
Growing market worries about the economic fallout from the imposition of new COVID-19 restrictions in several US states have been fueling speculations for additional monetary easing by the Fed. This was evident from the ongoing slide in the US Treasury bond yields, which further benefitted the non-yielding yellow metal. That said, the lack of any meaningful buying interest warrants some caution for aggressive bullish traders.
There isn't any major market-moving economic data due for release from the US on Friday. This further makes it prudent to wait for some strong follow-through buying before confirming that the XAU/USD has formed a strong base near the $1850 region and positioning for any further appreciating move.
Technical level to watch
면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.
더 오래된 의견은 없습니다. 소파를 가장 먼저 잡으십시오.