12.10 - XAU/USD: Bulls Await a Clear Break of 1,939
- by George Solotarov
Although US stimulus deadlock is still far from breaking, gold prices stay above $1,900, currently down 0.07% to $1,929, while heading into the European open on Monday. With the US Treasuries off from trading, due to the Columbus Day holiday, commodities couldn’t react to the weekend challenges to American President Donald Trump’s coronavirus (COVID-19) aid package.
Although the Republican leaders’ readiness to offer $1.8 trillion propelled markets on Friday, House Speaker Nancy Pelosi’s rejection suggests no more money is going to flow through the Congress before the US presidential election. Even so, the risk-on sentiment gains mildly optimism from Asia as the Chinese central bank reused FX trading routes to ease the strong domestic currency. Also favoring the market mood could be Australia’s easing of travel restrictions.