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XAU/USD went back above $1 850 after it reversed from the 200-day moving average. A more cautious risk sentiment on the market underpinned the safe-haven yellow metal. Indeed, new Covid-19 cases continue surging all over the world and investors consider that.
However, increasing US bond yields can limit the further rising of gold. Since Democrats will take the control of both houses of Congress, Biden is expected to inject trillions of dollars in fiscal stimulus to support the economy. After this announcement US stocks surged as well as US Treasury bond yields. Higher yields could raise demand for the US dollar, that’s why most traders will fear to make aggressive bets on XAU/USD.
Gold has failed to break through the 200-day moving average of $1 825 and turned to the upside. It may rise till it reaches the resistance of the 50-day moving average at $1 870, where the pullback is expected. In the opposite scenario, if gold drops below the support zone of $1 835-1 825, the way to the key psychological mark of $1 800 will be clear.
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
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