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The lasting bearish tone surrounding the US dollar (DXY), sponsored by the uncertainty of a US fiscal stimulus measure, is one of the major factors underpinning demand for the dollar-denominated commodity. The chances of a massive stimulus are now at zero following the Democrats’ decision to block a Republican bill aimed at providing $300 billion in fresh Coronavirus aid.
Furthermore, the renewed Brexit tensions extended additional support to the yellow metal. However, hopes for a potential vaccine for the deadly Coronavirus disease provided some boost for the global risk sentiment. This has kept a strong lid over any potential gains for gold in the near-term.
Meanwhile, AstraZeneca announced that it would be resuming trials for its COVID-19 vaccine candidate, while Pfizer has also announced that its vaccine could be ready by late October.
Additionally, investors are likely going to remain on the sidelines ahead of the two-day FOMC meeting, scheduled to commence tomorrow. This will likely cause a scarcity of volatility across markets in the near-term.
That said, gold is likely to continue on a consolidation pattern amid the absence of any significant economic releases from the US.
Aurum (XAU) Value Underground - September VII
XAU / USD maior Bias: latus
Campester copiam: $ 1950, 1960 $ et $ 1983
Demanda gradus: $ 1939, 1923 $ et $ 1906
Gold has been trading within a consolidation range between $1937 and $1957 for its third consecutive session now, with a failed breakout to the $1966 on Thursday. The commodity remains under the strong ascending trendline, which now acts as a resistance for the commodity in the near-term.
Although bears will have a hard time taking gold below the $1939 line, giving the confluence of the $1939 support line and 50 SMA, a break above the $1950 seems unlikely considering the absence of volatility.
That said, we expect gold to continue trading within its consolidation range well into Tuesday or Wednesday.
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