Gold Price News and Forecast: XAU/USD retreats on US data
|Gold Price Analysis: XAU/USD’s bearish bias intact while below $1777 – Confluence Detector
After witnessing good two-way businesses on Thursday, Gold (XAU/USD) is holding on to recent recovery gains amid a broadly subdued US dollar and higher Treasury yields. The returns on the US debt surged after the country’s annualized GDP beat estimates with 6.4% in Q1 2021 while the weekly jobless claims hit the pandemic low. Higher yields dull gold’s attractiveness as a non-yielding investment asset.
Gold retreats on US data
Gold was the major loser from the positive US GDP data series overnight. Gold traded in a volatile $25 range but finished the session 0.55% lower at $1772.00 an ounce. Notably, once again, gold attempted to rise above $1790.00 an ounce in early New York trading, but was repulsed. Bulls can take some heart that the $1760.00 an ounce Fibonacci support was also tested, but also held.
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