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Gold Price Remains Under Pressure and Looks For Guidance


Gold Price Remains Under Pressure and Looks For Guidance
2020-12-10 12:00:00
Nick Cawley,
Strategist
Gold (XAU/USD) Analysis, Price and Chart
Gold’s sell-off may continue as support starts to fold.
IG client sentiment suggests a mixed outlook.
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Gold is struggling to reclaim any of yesterday’s sell-off and is treading water ahead of today’s ECB monetary policy decision, a meeting that may have a marked impact on the US dollar basket. ECB president Christine Lagarde is expected to outline measures to weaken monetary policy further and help anchor interest rates at or around zero percent for years to come. The Euro has strengthened of late, helping to weaken the US dollar basket (DXY), and any sell-off in the single currency on the back of the ECB’s actions or commentary, could help underpin the greenback, putting further downside pressure on the precious metal. The ECB is expected to expand the EUR1.35 trillion PEPP by a further E ....

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