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During Thursday's Asia Pacific trading session, Gold (XAU/USD) remains vulnerable to deeper losses, as the US Treasury yields and the dollar continue to cheer the prospects of a bigger-than-expected fiscal stimulus plan, of about $2 trillion, likely to be announced by President-elect Joe Biden on Friday. Ahead of that, the Fed Chair Powell's speech will hold the key for fresh gold trades.
The technical set-up for gold remains negative with the precious metal is trading in a consolidation mode. Gold is trading in a range of $1,860 to $1,830 in the past days. The current set-up suggests that the November 30 low at $1,764 may come under pressure again which would complete a pattern of lower highs and lower lows off the August 6 high print.
Ever since the bulls are trying hard to stage a comeback but in vain, as the Relative Strength Index (RSI) points south below the midline while holding well above the oversold territory. The RSI is currently seen at 43.90.
The recovery attempts are capped below the pattern support now resistance at the next relevant upside hurdle awaits at the at $1,850-$1,860. Alternatively, the sellers could retest the daily lows, below which the January 11 low of $1817 would be on their radars.
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