Gold Price Forecast: XAU/USD eyeing a firm break above $1800, US GDP in focus
Gold (XAU/USD) extended its recovery from eight-day lows of $1763 and rallied as high as $1782 after the US dollar’s sell-off accelerated alongside the decline in the Treasury yields after the Federal Reserve (Fed) kept the monetary policy settings unchanged on Wednesday. It was the dismissal from Fed Chair Powell on tapering talks, which hammered the greenback across the board while the 10-year US rates fell from near 1.65% to 1.61%. While acknowledging improvement in the economic outlook, courtesy of the successful vaccination drives, Powell downplayed concerns over rising inflation, calling them transitory. Read more...
Gold Price Analysis: XAU/USD remains depressed below $1,780 level ahead of US GDP
Gold continued losing ground through the mid-European session and dropped to fresh daily lows, around the $1,772 region in the last hour.
The precious metal struggled to capitalize on its early positive move, instead witnessed an intraday turnaround from one-week tops. The underlying bullish tone was seen as a key factor that acted as a headwind for the safe-haven XAU/USD. This, along with a strong pickup in the US Treasury bond yields, prompted some fresh selling around the non-yielding yellow metal. Read more...
Gold Price Analysis: XAU/USD trades with modest losses below $1,780, US GDP awaited
Gold extended its steady descent through the early European session and refreshed daily lows, around the $1,775 area in the last hour.
The precious metal built on the previous day's goodish rebound from one-and-half-week lows and gained some traction during the first half of the trading action on Thursday. The US dollar added to the post-FOMC losses and dropped to over two-month lows. This, in turn, was seen as a key factor that provided a modest lift to 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stays defensive below 1.0550 amid a cautious start to the week
EUR/USD stays defensive below 1.0550 in Monday’s European morning. The pair remains undermined by the re-emergence of the Russia-Ukraine geopolitical risks even though the US Dollar stalls its uptrend. Divergent ECB-Fed policy outlooks also weigh on the pair ahead of central banks' talks.
GBP/USD defends 1.2600 on subdued US Dollar
GBP/USD defends minor bids above 1.2600 in the early European session on Monday. A broadly subdued US Dollar and less dovish BoE policy outlook support the pair amid cautious market mood, induced by resurfacing Russia-Ukraine conflict. BoE- and Fed-speak eyed.
Gold price sticks to modest gains below $2,600 amid geopolitical risks
Gold price gains some positive traction but stays below $2,600 early Monday, snapping a six-day losing streak. Russia-Ukraine geopolitical risks benefit the safe-haven metal amid a subdued US Dollar demand. Bets for less aggressive Fed rate cuts and elevated US bond yields cap further gains.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC consolidates after a new all-time high
Bitcoin (BTC) price remains in a consolidation phase after reaching a new all-time high of $93,265 last week. Ethereum's (ETH) price is nearing its support level; a close below would cause a further price decline, while Ripple's (XRP) price shows bullish momentum as it tests and potentially breaks key resistance.
Week ahead: Preliminary November PMIs to catch the market’s attention
With the dust from the US elections slowly settling down, the week is about to reach its end and we have a look at what next week’s calendar has in store for the markets. On the monetary front, a number of policymakers from various central banks are scheduled to speak.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.