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19 Aug 2020

Gold Price Analysis: XAU/USD looks to extend the bounce above $1990

  • Gold bulls fighting back control amid cautious risk tone.
  • Dollar drops with T-yields, makes yieldless gold attractive.
  • FOMC July meeting’s minutes to offer fresh direction.

Having found support around $1985-80 region so far this Wednesday, gold (XAU/USD) is looking to extend its hold above the $1990 level, as the bulls remain unnerved ahead of the minutes of the US Federal Reserve’s last policy meeting.

The yellow metal, however, continues to draw support from the slump in the US Treasury yields, reflective of the uncertainty over the US fiscal stimulus, which could undercut the nascent economic recovery.

Further, the US-China tensions on the trade front, especially after US President Donald Trump said that he postponed last Saturday’s phase one trade deal review with China, underpins the haven demand for gold.

Looking ahead, the FOMC minutes will hold the key to determine a fresh direction for the metal. Markets will look for any clues on the yield curve control and the long-term economic projections for near-term trading opportunities.

Gold additional levels

 

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