The frenzied market reaction to the positive development surrounding a COVID-19 vaccine has faded, following questions about the duration of its efficacy.
Additionally, concerns over the growing number of new COVID-19 cases in the US and the imposition of fresh lockdown restrictions across several states in the US have revived hopes for a substantial fiscal stimulus package to prop-up the economy. These recent developments have put US dollar (DXY) bulls on their backfoot and were seen as the major factors supporting the dollar-denominated commodity.
The USD was put under additional pressure by a weaker tone in the US Treasury bond yields. Regardless, the upbeat risk tone across the global markets has kept a strong cap on any significant gains in safe-haven assets, including gold.
Meanwhile, considering that US banks will be closed today to observe the Veterans Day holiday, volatility across markets could be sparse. This means that gold will likely remain in its consolidation range until a decisive break in either direction amid the absence of market-moving economic reports today.
Gold (XAU) Value Forecast — November 11
XAU/USD Major Bias: Sideways
Supply Levels: $1900, $1923, and $1940
Demand Levels: $1876, $1860, and $1849
Gold is currently trapped in a tight consolidation range between $1886 and $1876. Meanwhile, a wedge has been spotted on our 4-hour chart, which further strengthens the prospects of a spike in either direction. Currently, the XAU/USD is leaning slightly towards a bullish move, meaning the imminent surge could be to the upside.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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