Gold Price Analysis: XAU/USD consolidates the recovery below $1730

• XAU bulls remain capped by $1730 – a tough nut to crack
• US dollar stalls decline, as risk tone remains tepid in early Asia.
• Gold awaits the US Continuing Jobless Claims for next direction.

Having faced resistance once again above the 1730 level, Gold (XAU/USD) is ranging in a $5 tight band so far this Thursday’s Asian trading.

The XAU bulls are consolidating the recovery from Wednesday’s low of 1712.76, awaiting fresh impetus from the sentiment on the global markets and US Jobless Claims data.

On Wednesday, the price dropped more than $15 in less than an hour after the market mood in Europe turned sour and lifted the haven bids for the greenback across the board. It was more to do with the looming concerns over the second-wave of coronavirus in the US and China.

The yellow metal staged a solid comeback in the NA session after the risk trading chopped around amid mixed clues, US virus spread and Fed Chair Powell’s dire economic outlook.

Gold: Technical levels to consider

Bulls aim to regain the 1730 barrier going forward. A sustained breakthrough the latter could open doors for the horizontal resistance near 1735. To the downside, the next support is seen at 1720, below which Wednesday’s low of 1712.76 could be tested.

Gold additional levels