XAUUSD

13:11, 11 January

Gold Price Analysis

Gold staged a goodish intraday bounce from over one-month lows set earlier this Monday.
A softer risk tone was seen as a key factor lending some support to the safe-haven gold.
Rallying US bond yields continued to underpin the USD and might cap gains for the metal.


Gold managed to rebound around $35-$40 from over one-month lows and was last seen hovering near the top end of its daily range, near the $1855 region.


The precious metal managed to find decent support near the $1817 region and for now, seems to have stalled its recent sharp fall witnessed over the past four trading sessions. The intraday bounce was exclusively sponsored by a softer risk tone, which tends to underpin demand for the safe-haven XAU/USD.


Growing market worries about the continuous surge in coronavirus cases and the imposition of stricter lockdown restrictions in Europe/China weighed on investors' sentiment. This was evident from a modest pullback in the equity markets, which, in turn, drove some haven flows and extended support to the commodity.