Gold Price News and Forecast: XAU/USD struggles near multi-month lows, just above $1800 mark

New York (Nov 24)  Gold has been hit hard by upbeat US data. Markit's Purchasing Managers' Indexes have shown robust growth prospects, thus lowering the chances for additional fiscal and monetary stimulus. Without hopes for a fresh injection of funds, traders sold off the precious metal.

 As more economic figures are awaited, how is XAU/USD positioned on the technical charts?

The Technical Confluences Indicator is showing that gold's next downside target is $1,805, which is the convergence of the Pivot Point one-week Support 3, the previous 4h-Low, and the PP one-day S2. Read more...

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Gold Price Analysis: XAU/USD struggles near multi-month lows, just above $1800 mark

Gold continued losing ground through the mid-European session and dropped to fresh four-month lows, closer to $1800 mark in the last hour.

The precious metal prolonged its recent rejection slide from the $1900 mark and witnessed some heavy selling for the second consecutive session on Tuesday. The downfall marked the fifth day of a negative move in the previous six and was exclusively sponsored by the prevalent upbeat market mood, which tends to undermine demand for traditional safe-haven assets, including gold.

The global risk sentiment remained well supported by the latest optimism over a potential vaccine for the highly contagious coronavirus diseases. Adding to this, the formal go-ahead for the US President-elect Joe Biden to begin his White House transition and reports that former Fed Chair Janet Yellen could become the next US Treasury Secretary further boosted investors' confidence.

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