The yellow metal appears to be in consolidation, and the price is standing at $1,864.90 at the time of writing. There appeared to be an ongoing struggle between the bulls and the bears throughout the past 24 hours, to determine who will hold the reins. Analyst Anil Panchal believes that there currently lies a strong support level at $1,845, which could help the bulls. This is an ascending trendline from Jan 18. However, for the bulls to truly take control, a key resistance level lies near $1,876, which is the 100-day Simple Moving Average.
Looking at the chart, the Moving Average Convergence Divergence (MACD) reflects the close fight between the bulls and the bears to gain control. However, the Relative Strength Index (RSI) is moving towards an overbought condition, showing the interest of buyers in the market and currently stands at 64. The price of spot gold at the time of writing is at $1,863.72.
Source: Yahoo Finance
A key factor to impact the gold price movement is the progress of the Biden Stimulus Package. President Biden’s discussion with the Republican leaders yesterday failed to produce an agreement. President Biden seems set to push through his $1.9 trillion stimulus package, while the Republicans are proposing a smaller package of $618 billion instead. Although gold shared some of the limelight in the wake of silver’s recent rise, the Chicago Mercantile Exchange (CME) move to increase the margin requirements on silver could limit any further upside for silver, and subsequently, gold. Traders would also be watching the outcome from the Reserve Bank of Australia (RBA) monetary policy meeting.
Sources: Investing.com, FX Street
XAU/USD (as of Feb 2, 2021, 10.30 a.m., GMT +8) - $1,864.90
FOLLOWME XAU/USD User Sentiment (as of Feb 2, 2021 at 11.05 a.m.)
Short – 52.04%
Long – 47.96%
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