Gold Price Analysis: XAU/USD pressured to break below $1,900
Gold faced selling pressure on Monday as coronavirus concerns weighed over the risk sentiment and strengthened the haven demand for the US dollar. The yellow metal dropped to $1,891 per ounce, the lowest level since Oct.15, during the Asian trading hours. The dollar index, which tracks the greenback’s value, jumped 0.11% to 92.87, as the futures tied to the S&P 500 fell by over 0.30%.
Week Ahead: The final stretch
There isn’t an enormous amount to add on gold in recent days and weeks. The yellow metal continues to hover around $1,900, as we await movement on some of the major risk events that are coming to a head in the coming weeks.
Momentum is just about with the bulls, despite gold spending a little time below $1,900 yesterday, but ultimately, the next move will be event driven and that will probably come from the stimulus talks on Capitol Hill.