Gold Price Analysis: XAU/USD loses traction, eyes next support at $1,767
The XAU/USD pair failed to break above $1,800 last week and stayed relatively quiet during the Asian trading hours on Monday. Ahead of the American session, however, gold lost its traction and was last seen losing 0.4% on the day at $1,770.
With the latest decline, the Relative Strength Index (RSI) indicator on the four-hour chart fell toward 40, suggesting that the bearish momentum is building up. Additionally, XAU/USD broke below the 50-period SMA on the same chart for the first time in nearly two weeks. Read more...
Gold Price Analysis: XAU/USD to struggle at $1,800 ahead of Wednesday's Fed decision
A pickup in the US bond yields dragged gold lower for the second straight session on Friday. On the first day of a new week, sustained USD selling bias assisted the yellow metal to regain traction. Investors eye US Durable Goods Orders for some impetus ahead of the FOMC policy meeting, FXStreet’s Haresh Menghani briefs.
The view that any spike in inflation is likely to be transitory and that the Fed will keep interest rates lower for a longer period extended some support to the dollar-denominated commodity and helped limit any deeper losses, rather assisted to regain some positive traction on the first day of a new trading week. That said, the upside is likely to remain capped as investors might prefer to wait on the sidelines ahead of the latest FOMC monetary policy update, scheduled to be announced on Wednesday.” Read more...
Gold Price Analysis: XAU/USD holds steady around $1,780, lacks follow-through
Gold reversed an early European session dip to the $1,775 area and has now moved back to the top end of its daily trading range. The commodity was last seen hovering around the $1,781-82 region, up over 0.20% for the day.
The precious metal managed to regain some positive traction on the first day of a new trading week and for now, seems to have snapped two consecutive days of the losing streak. The uptick was exclusively sponsored by the prevalent bearish sentiment surrounding the US dollar, which tends to benefit the dollar-denominated commodity. Read more...
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