Gold Price News and Forecast: XAU/USD drops below $1,740 despite USD selloff

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD stays depressed below $1,750 amid mixed sentiment

Gold remains pressured around $1,736 amid the initial Asian session trading on Thursday. The yellow metal dropped for three days in the last four even as the US dollar index (DXY) remains dismal around a one-month low. The reason could be traced from vaccine jitters as well as a lack of major news in the market.

Although DXY dropped to the lowest since March 18, gold stays pressured as markets remain unimpressed by a lack of major data/events as well as the market’s wait for US President Joe Biden’s $2.25 trillion infrastructure package.

XAG/USD

Overview
Today last price	25.4
Today Daily Change	0.07
Today Daily Change %	0.28
Today daily open	25.33

Trends
Daily SMA20	25.23
Daily SMA50	26.13
Daily SMA100	25.71
Daily SMA200	25.15

Levels
Previous Daily High	25.48
Previous Daily Low	24.68
Previous Weekly High	25.62
Previous Weekly Low	24.61
Previous Monthly High	27.08
Previous Monthly Low	23.78
Daily Fibonacci 38.2%	25.18
Daily Fibonacci 61.8%	24.99
Daily Pivot Point S1	24.85
Daily Pivot Point S2	24.37
Daily Pivot Point S3	24.05
Daily Pivot Point R1	25.65
Daily Pivot Point R2	25.97
Daily Pivot Point R3	26.45

Gold Price Analysis: XAU/USD drops below $1,740 despite USD selloff

After edging higher to $1,750 area earlier in the day, the XAU/USD pair lost its traction during the American session and was last seen trading at $1,735, losing 0.45% on a daily basis. Despite the broad-based selling pressure surrounding the greenback, a more-than-1% increase seen in the benchmark 10-year US Treasury bond yield is making it difficult for gold to attract investors.

EUR/USD flirts with three-day lows near 1.1570

EUR/USD resumes its march south on Thursday, revisting the 1.1570 region, or three-day lows, ahead of the opening bell in Asia. The intense sell-off in the pair comes in response to the solid performance of the US Dollar amid the still unresolved crisis in the Middle East. Moving forward, investors are expected to shift their focus to the release of the US NFP on Friday.

GBP/USD stays offered near 1.3340

GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.

Gold: further weakness could challenge $5,000

Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

XRP rises as crypto market steadies despite Middle East war

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.