Gold Price Forecast: XAU/USD poised for a big break above $1800 as yields keep falling
Gold (XAU/USD) rallied to hit fresh two-month highs at $1798 on Wednesday, helped by the renewed weakness in the US Treasury yields, which eventually dragged the dollar. The returns on the market tumbled once again amid resurfacing concerns over the economic recovery, as the covid surge globally continues to overwhelm. However, the solid rally lost strength once again just shy of the $1800 barrier, as the latter continues to act as a critical technical level. Meanwhile, the rebound in Wall Street indices also helped limit gold’s advance. Read more...
Gold keeps bulls in control
Gold Spot bottomed exactly at best support at 1764/61. Longs worked perfectly on the 20 point bounce to 1784 & as far as minor resistance at 1792/96 yesterday. We topped exactly here but the outlook remains positive.
Gold holding first support at 1790/88 keeps bulls in control. We held minor resistance at 1792/96 yesterday but eventually we should test strong 100 day moving average resistance at 1803/05. A high for the week could be seen here so it is worth profit taking on longs. However a break above 1806 signals further gains to1815. Read more...
Gold Price Analysis: XAU/USD holds steady near $1,790 level, bullish potential intact
Gold remained confined in a narrow trading band through the early European session and consolidated its recent gains to the $1,800 neighbourhood, or near two-month tops.
The precious metal struggled to capitalize on the previous day's strong move up and witnessed a subdued/range-bound price action through the first half of the trading action on Thursday. That said, the near-term bias remains tilted in favour of bullish traders and supports prospects for additional gains. Read more...
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