Gold Price Analysis: XAU/USD turns lower from 5-day SMA even as S&P 500 futures drop
|- Gold faces rejection at the descending 5-day SMA hurdle.
- Risk sentiment sours amid vaccine doubts but fails to boost the yellow metal.
Gold is struggling to draw bids despite the losses in the US stock futures and doubts about a coronavirus vaccine.
The yellow metal is currently trading largely unchanged on the day near $1,809, having faced rejection at the descending 5-day Simple Moving Average (SMA) of $1,813 early Friday. The S&P 500 futures are down over 0.30%.
British drugmaker AstraZeneca's low-cost vaccine is now facing intense scrutiny, with scientists raising doubts about the robustness of results showing the shot was 90% effective. As such, the approval of the vaccine could be delayed.
Coupled with renewed signs of weakness in the US labor market, that looks to weighing over the S&P 500 futures and Asian stocks. So far, however, haven demand for gold has remained elusive.
The yellow metal is down over 3.5% this month, as positive results of several experimental coronavirus vaccines triggered hopes for a swift global economic recovery and pushed anti-risk assets lower.
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.