Gold Price Analysis: XAU/USD hovers within the range of Wednesday's Doji candle
Gold is currently hovering near $1,810 per ounce, having formed a Doji candle on Wednesday with a back-and-forth trading in the range of $1,801 to $1,818. A Doji candle represents indecision in the market and makes the following day's close pivotal.
In other words, the next move in gold depends on Thursday's close. Acceptance above the Doji candle's high of 1,818 would mean the period of indecision has ended with a bull victory and could yield a re-test of the former support-turned-hurdle at $1,880.
Gold Price Analysis: XAU/USD licks wounds above $1,800 as market optimism fades
Gold prices probe intraday high near $1,812, up 0.30% on a day, during the early Thursday. In doing so, the yellow metal marks the highest gains in a week while trying to bounce off the lowest since mid-July, marked on Tuesday, amid mixed catalysts.
Upbeat market sentiment led by the US President-elect Joe Biden’s welcome couldn’t last long as the downbeat data from American joined the 60 million global coronavirus (COVID-19) cases, not to forget extended partial lockdowns in Germany, to challenge the bulls.
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