fxs_header_sponsor_anchor

Gold Price News and Forecast: XAU/USD to retry the topside towards the $1876 mark

Gold Price Forecast: A test of $1800 or $1750 on the FOMC decision?

Gold (XAU/USD) dropped on Tuesday but held within its recent trading range between $1800-$1765, as the US Treasury yields surged and pushed the US dollar higher alongside. Better-than-expected US CB Consumer Confidence data and expectations of President Joe Biden’s fiscal stimulus fuelled a fresh rally in the returns on the US debt. Meanwhile, mixed performance on the US stocks amid pre-Fed caution and earnings reports lifted the US dollar’s safe-haven appeal, which added to gold’s decline. Read more...

Gold Price Analysis: XAU/USD to retry the topside towards the $1876 mark – Commerzbank

Gold (XAU/USD) is extending Tuesday’s decline towards $1760 as the yellow metal is so far thwarted by the 55-day moving average at $1800.63. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects gold to retry the upside as the $1730/23 zone is held off.

“Gold’s up move has faltered at the 55-day ma at $1800.64 for now. More worrying is the fact that the Elliott wave counts have turned more negative and are implying a retracement towards the $1730/23 zone. Provided it holds there we should retry the topside once again.” Read more...

Gold Price Analysis: XAU/USD drops to over one-week lows ahead of FOMC

Gold dropped to one-and-half-week lows during the mid-European session, albeit recovered a bit thereafter. The commodity was last seen trading around the $1,769 region, still down over 0.60% for the day.

The previous metal added to the previous day's modest losses and witnessed some follow-through selling for the second consecutive session on Wednesday. The downfall was sponsored by a goodish pickup in the US dollar demand, which tends to drive flows away from the dollar-denominated commodity. 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.