XAU/USD melts into next week with lower levels in sight

Gold Price Analysis: XAU/USD picks up bids above $1,850 amid risk reset

Gold rises to $1,865, intraday high $1,866.14, during the early Asian session on Monday. The bullion recently picked up bids as the market sentiment improved over the hopes of the American stimulus to combat the coronavirus (COVID-19). Though, fears of strict lockdown conditions hampering the global economic growth seem to probe the bulls. Additionally, catalysts likely allegations on US President Donald Trump and Brexit uncertainty are an extra burden on the market’s mood.

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Gold Weekly Forecast: XAU/USD melts into next week with lower levels in sight

The precious metals complex has been hampered by the persistent greenback strength. Since the price broke the triangle pattern on the chart the price hasn’t looked back even once. There was a small glimmer of hope when the price retraced back to the green resistance line but the bears maintained their grip on the yellow metal.

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