Gold Price News and Forecast: XAU/USD bulls remain at the mercy of USD price dynamics [Video]
|Gold’s double bottom not enough for an outlook reversal [Video]
Gold has created a potential double bottom pattern around 1,676, raising hopes that a bullish trend reversal could be in progress. Traders, however, should be cautious as the blue Kijun-sen line continues to cap upside corrections, while the RSI seems to be struggling to crawl above its 50 neutral mark despite its rebound off the oversold area. The MACD keeps hovering above its red signal line and within the negative region, backing that narrative too. Read more...
Gold Price Forecast: XAU/USD bulls remain at the mercy of USD price dynamics
Gold struggled to capitalize on last week's goodish rebound from the $1,677-76 region, or multi-month lows and traded with a negative bias through the Asian session on Monday. This marked the first day of a negative move in the previous three and was sponsored by a combination of factors. The US dollar was back in demand on the back of Friday's blockbuster US monthly jobs report and a fresh leg up in the US Treasury bond yields. This was seen as a key factor that exerted some downward pressure on the dollar-denominated commodity. The headline NFP showed that the US economy added 916K new jobs in March – the largest gain since last August. Adding to this, February's reading was revised higher to 468K as against 379K reported previously and the unemployment rate fell to 6.0% from 6.2% previous. Read more...
Gold Price Analysis: XAU/USD eyes $1709 support after strong NFP boosts yields – Confluence Detector
Gold (XAU/USD) is holding onto the recent recovery gains at around $1730 on Easter Monday, with thin trades offering little incentives. Meanwhile, strong US NFP jobs reported-led spike in the shorter-duration Treasury yields weigh on the non-yielding bright metal.
The Fed is expected to increases rates sooner than previously anticipated after the US jobs blowout strengthened the prospects of faster economic recovery amidst higher vaccination rates. Read more...
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