fxs_header_sponsor_anchor

Gold Price News and Forecast: XAU/USD fell to a fresh two-week low on Thursday

Gold Price Analysis: XAU/USD could extend slide with a daily close below $1,765

The XAU/USD pair came under strong bearish pressure on Thursday and dropped to its lowest level in two weeks at $1,756. Although the pair managed to erase a small portion of its daily losses, it was last seen losing 0.75% on the day at $1,768. The sharp upsurge witnessed in the 10-year US Treasury bond yields weighed heavily on gold.

Gold technical outlook

The Relative Strength Index on the four-hour chart fell to 40, suggesting that buyers are struggling to retake control of the price. On the downside, the initial support is located at $1,765 (100-period SMA/Fibonacci 50% retracement of the latest uptrend). With a daily close below that level, XAU/USD could retest $1,760 (Fibonacci 61.8% retracement) ahead of $1,747 (200-period SMA).

Read more...

Will Powell lull gold bulls to sweet sleep?

The Fed left its monetary policy unchanged. However, the lack of any action amid economic recovery is dovish – good news for gold.

On Wednesday (Apr. 28), the FOMC has published its newest statement on monetary policy. The statement wasn’t significantly altered. The main change is that the Fed has noticed the progress on vaccinations and strong policy support, and that, in consequence, the economic outlook has improved.

Previously, the US central bank said that indicators of economic activity and employment “have turned up recently, although the sectors most adversely affected by the pandemic remain weak”, while now these indicators “have strengthened”, while “the sectors most adversely affected by the pandemic remain weak but have shown improvement”. So, the Fed acknowledged the fact that the economy has significantly recovered.

Read more...

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.