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Gold Price Analysis: XAU/USD consolidates biggest losses in two weeks with eyes on $1,850
Gold prices nurse recent losses while picking up bids near $1,840 during the early Thursday morning in Asia. The yellow metal not only snapped the two-day winning streak while reversing from the two weeks high but also posted the heaviest declines in 13 days the previous day. The shift in the risks and news concerning the outflow of the gold Exchange Traded Funds (ETFs) did the most harm to the bullion. Additionally, the market’s cautious mood ahead of the important announcement relating to Brexit, US stimulus and the coronavirus (COVID-19) vaccine also weighed the quote.
Gold Price Analysis: Bears in control, but hedge funds are piling back in
Gold prices bottoming on the monthly chart, raising prospects of fresh cycle rally. Daily price action is playing out towards the nose of the W-formation. Hedge funds have increased their net long positioning.
In the weekly chart, we can see that there was a liquidity hunt before the price resumed the expected direction.
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