Gold Price News and Forecast: XAU/USD backs off from highs but still looking perky at $1860

Gold Price Analysis: XAU/USD consolidates around two-week high above $1,850 amid cautious sentiment

Having witnessed multiple days of a slow grind to the north, gold prices managed to cross the $1,850/51 upside barrier on Monday. However, a lack of buying interest, or cautious optimism, might have stopped the bulls to keep the reins afterward, which in-turn caps the bullion prices within the $1,858-68 range, currently around $1,863 during early Tuesday’s Asian trading.

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Gold Price Analysis: XAU/USD backs off from highs but still looking perky at $1860

XAU/USD prices have slipped back to the $1860 mark from earlier highs at $1868.62 amid profit-taking but hold onto solid gains on the day. Right now, the precious metal trades with gains of roughly 1.2% or over $20.

Most analysts continue to see the current market environment as USD bearish; unprecedented money supply expansion by the Fed during and since the Covid-19 crisis in March took the edge off of the safe-haven demand for USD.
 
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