Market mood for the XAU/USD: Why is Gold rising? [Video]
Listen to the latest market mood for the XAUUSD pair.
The rise in gold to take out all-time highs has been supported by the following three things:
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A weak dollar. Fears of a fiscal cliff this week from the US are keeping the dollar weak on the session and this has bolstered gold.
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A technical break of the all-time highs in gold opens up the $2000 region.
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Rising US-China tensions and COVID-19 cases also supports the purchase of gold as a hedge.
Therefore expect gold buyers today on any pullback to $1900.
Day trade outlook – We expect this trade to play out over the next 12 hours.
Trade Risks: If there is strong risk aversion that could result in some gold long positions being liquidated to offset stock losses.
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