Gold Price News and Forecast: XAU/USD to alleviate downside pressure above $1755/65
|Gold to see further downside pressure while palladium stands out – CE
Strategists at Capital Economics continue to expect the vaccine rollout to enable economies to re-open later this year, which should bolster riskier assets and weigh further on the price of gold. What’s more, the palladium price surged in March, and it will continue to outperform the price of platinum over the next few years.
“The largest move was in the price of palladium, which surged by 14% after Nornickel revised down its 2021 PGM production guidance by 15-20%. We think that the price of palladium will outperform the price of platinum over the next few years.” Read more...
Gold Price Analysis: XAU/USD to alleviate downside pressure above $1755/65 – Credit Suisse
According to strategists at Credit Suisse, gold (XAU/USD) needs to hold below the $1755/65 neighborhood to maintain its immediate downside bias.
Gold has retested and again held key support at $1682/71 – the 38.2% retracement of the entire 2015/2020 bull market and the recent and June 2020 lows. Resistance at $1755/65 needs to cap to suggest this is just a temporary hold ahead of an eventual break in due course, with support then seen next at $1620/15 and ultimately the ‘measured top objective’ and 50% retracement at $1564/61.” Read more...
Gold Price Analysis: XAU/USD to confirm a base on a close above the $1766 mark – Commerzbank
Metals generally higher, lifted by a weaker US Dollar, as gold is attempting to base but will need to close above $1766 to confirm, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.
Gold has again tested and held over the $1670.49 June low and appears to have based near-term at $1677.73/$1676.80. Read more...
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