Gold Price Analysis: XAU/USD eyes $1,842 immediate resistance amid lacklustre trading – Confluence Detector
Gold prices recover to $1,838, up 0.08% intraday, while heading into Monday’s European session. Although a lack of major catalysts weighs on the yellow metal, the latest chatters concerning the US-China tussle and Japan’s stimulus help the commodity buyers to remain optimistic despite Friday’s losses.
Early in Asia, Reuters came out with the news suggesting the Trump administration’s readiness for further sanctions on the policymakers from China’s Communist Party (CCP). The news precedes China’s weaker than expected imports of 4.1% YoY for November, which in turn suggests the brewing trade war.
Gold Price Analysis: XAU/USD stays depressed below $1,850 amid risk-on mood
Gold pulls back from the intraday low of $1,833.10, down 0.08% on a day, ahead of Monday’s Tokyo open. In doing so, the yellow metal fades late Friday’s corrective recovery while taking a U-turn from $1,839.27. The reason could be traced from the S&P 500 Futures’ upbeat start of the week despite Brexit jitters.
S&P 500 Futures pierces 3,700 round-figure, currently up 0.30% to 3,701, amid the initial Asian session. The risk barometer managed to refresh the record high with 3,704.88 figures at the week’s start.
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