During Friday’s Asian trading session, the yellow metal managed to extend its overnight winning streak and drew some further bids around well above mid-$1,700 level as the worsening coronavirus (COVID-19) conditions in Europe and concerns over the vaccine shortages. The tussle between the U.S. and Russia and the US and China kept the market trading sentiment under pressure, which favored gold’s safe-haven demand. Furthermore, the buying of the yellow metal was also triggered by reports suggesting that Cleveland and San Francisco’s Fed policymakers felt that the road to recovery is still long.
Gold – XAU/USD – Daily Support and Resistance
Pivot Point 1757.11
The precious metal has violated the narrow trading range of 1,749 – 1,740, and now it’s trading at 1,762 level. On the higher side, the gold is likely to face resistance at 1,769 level. A bullish breakout of this level can extend buying trend until 1,774 and 1,784 level. On the lower side, the price is likely to gain support at 1,759 area. The idea is to take a buy trade over 1,759 support levels today and even a bullish breakout of 1,769 level. Good…
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