The weight of gold was felt on the market overnight as prices tumbled below $1,500 an ounce to their lowest since August, as the USD rallied.
After hitting an intraday day of $1,451, the precious yellow metal managed to finish well off the session lows at the New York close, and just above the $1,500 handle, as of writing.
Gold prices have struggled to gain a ‘safe-haven’ status bid, as the coronavirus weighs on riskier assets.
Despite the bold move, from the U.S. Federal Reserve hitting the “emergency button” for the second time at the weekend, failed to attract any bullish traction.
Looking ahead, the intraday outlook remains neutral due to the high volatility and extended swings in price directions.
Therefore, it is now time to re-evaluate the trend/direction as it is assessed the bulls are likely to be around the corner, after the overnight’s rebound. Therefore, could soon see snap-in prices and stage a firm recovery back to the higher side of the range previously witnessed.