Wednesday, December 2

Tag: gold

Gold Price Analysis: XAU/USD sees firstly weekly close below $1800 since mid-July
Commodities

Gold Price Analysis: XAU/USD sees firstly weekly close below $1800 since mid-July

Gold lost 4.5% on the week, the worst week since end-September. Stops got triggered after gold breached the $1800 critical threshold. Coronavirus vaccine progress-led economic optimism hammered gold.Gold (XAU/USD) at long last penetrated the basic $1800 uphold on Friday, shutting the week underneath that level unexpectedly since July 16.The spot disintegrated 4.5% of its incentive throughout the week, recording the greatest week after week decay since end-September while broadening the amendment from record highs of $2075 came to in August.The bearish conclusion subverting gold can be credited to seeks after a swifter worldwide financial recuperation, on account of the promising Covid immunization results, which could probably get life to regularity 2021.The Wall St...
XAU/USD eyes $1,860 after Moderna’s vaccine news
Commodities

XAU/USD eyes $1,860 after Moderna’s vaccine news

Gold has been losing ground after Moderna reported that its COVID-19 vaccine is 94.5% efficient. The Massachusetts-based pharmaceutical company follows in the footsteps of Pfizer and BioNTech, which announced a 90% efficacy last week. Additional efforts by AstraZeneca, Johnson&Johnson, and CureVac are eyed.The growing chances of a quick exit from the covid crisis imply that less fiscal and monetary stimulus would be needed. In turn, the precious metal would have fewer funds to rise on.How is XAU/USD positioned after the second coronavirus vaccine report?The Technical Confluences Indicator is showing that gold is facing fierce resistance at $1,877, which is the convergence of the Bollinger Band 1h-Lower, the Fibonacci 23.6% one-month, and the Fibonacci 23.6% one-week.Further abo...