Gold Price News and Forecast: XAU/USD set to retest the key support at $1682
|Gold Price Analysis: XAU/USD to race higher towards $2000 by year-end – DBS Bank
Gold (XAU/USD) depreciated 10% in 1Q21, but this does not signal a gold bear market. Joanne Goh, Strategist at DBS Bank, believes there is still upside potential for gold to trade towards $2,000/oz by year-end.
Gold price has been recovering after its 10.5% depreciation in the first quarter. We reiterate that this is not the beginning of a gold bear market. A lower US Treasury yield after peaking at 1.75% last quarter should set the stage for a better quarter ahead for gold.” Read more...
Gold Price Analysis: XAU/USD set to retest the key support at $1682 – Credit Suisse
Gold (XAU/USD) has been capped for now at $1755/65 to maintain its immediate downside bias, the Credit Suisse analyst team reports.
Gold strength has been capped, for now at least, below resistance at $1755/65 and whilst below here the outlook will stay seen lower for a retest of key support at $1682/71 – the 38.2% retracement of the entire 2015/2020 bull market and the recent and June 2020 lows. An eventual break in due course can see support next at $1620/15 and ultimately the ‘measured top objective’ and 50% retracement at $1564/61. Read more...
Gold Price Analysis: XAU/USD needs a catalyst to unlock a breakout – DBS Bank
Within gold’s current consolidative phase, a prior 1660-1670 support confluence has held well to deliver the consequence of a plausible near-term bullish double bottom pattern. XAU/USD has traded a 38.2% Fibonacci retracement of 1046 (December 2015 lows) – 2075 (August 2020 highs) at 1682 – this drains selling momentum, Benjamin Wong, Strategist at DBS Bank, briefs.
Gold has developed a minor double bottom and if the pattern delivers, there remains a nudge higher. What’s more, 1671, which is the monthly Ichimoku chart’s kijun support is the level to make or break as gold continues to find its stability pulse.” Read more...
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