XAU/USD Maintains Focus on $1,683

Gold appears to be putting an end to its downtrend. This is happening as the subdued United States Treasury yield provided some assistance. The United States Dollar rebounds strongly during a cautious market sentiment on Mid-term Election Day. Gold bulls stay optimistic as strong support lies at the $1,660 price level.

XAU/USD price recently obtained a base near the $1,665 price level. This happened as investors monitored the United States Mid-term Election Day. The indecision surrounding the United States Fed coming rate increase move before Thursday’s crucial CPI from the United States continues to restrain the strengthening of the USD. Thus, this assisted the Gold to stage its rebound.

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The Market is at the moment considering a 55% chance of Federal Reserve dictating a 50 basis points rate increase, come next policy meeting.

At the same time, increasing coronavirus-linked worries in China, and its effect on the economic growth reduce the confidence of investors. The result of the United States Mid-term Election may as well exert some transient influence on the market mood. Subsequently, this will affect the XAU/USD.

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