XAU/USD bears aim for August low under $1,900

 

  • Gold stays heavy for third consecutive day, eyes Monday’s low of $1,882.34 as immediate support.
  • US dollar stays bullish while refreshing the highest levels since July 27.
  • American Congress avoids government shutdown in October, virus woes continue with fresh cluster in Brooklyn.
  • Global PMIs are in focus given the central bankers’ readiness for more.

The market prediction is acording to DailyForexTrading

Gold takes nearly $ 1887.37 deals, down from 0.68% one day before the European session on Wednesday. In doing so, bullion seesaws near the intraday low near $ 1 882, while fighting against the weekly low close to the same level. Given the time that supported the US dollar for the fourth consecutive day, the new high two months, the bears are in control.

may be cited cluster coronavirus (Covid-19) in Brooklyn as favoring the strength of the greenback. Although the US dollar index (DXY) is the major force US policymakers joint efforts on the palliative funding to avoid a government shutdown that the current bill expires Sept. 30.

While the inverse correlation of the USD hits the yellow metal, the mixed performance of Asian stocks and futures on US stocks also fails to direct funds to the precious metals. In addition, the misfortunes Covid-19 largest gold consumer in the world, namely India and China, dampen the feeling of any recovery in physical demand.

Tuesday, Wall Street cheered upbeat US data and Fed Chairman Jerome Powell comments measured. Although the Sino-US tension, deduced by the United Nations (UN) General Assembly, held to challenge the resetting of the risk, which has propelled the greenback.

On the road, gold traders await preliminary reading of September the UK PMIs, Europe and the United States for a new impetus. However, the continued strength of the US dollar may keep sellers on board.

Technical analysis

The failures of gold to bounce beyond the seven-week resistance line at $ 1,930 now joins MACD bearish for direct sales down the month of August $ 1863.74. Although a clear break below the weekly low of $ 1882.34 becomes necessary. Instead, $ 1,960 would attract bulls beyond the line resistance mentioned above, the previous holder.

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