Gold: A break above 1806 signals further gains to 1815
Gold holding strong support at 1781/78 targets 1788/90 with minor resistance at1794/96 but eventually we should test strong 100-day moving average resistance at1803/05. 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 to 1815.
Good support at 1781/78 again today. Longs need stops below 1775. Next downside target & buying opportunity at 1765/61. Longs need stops below 1757. Silver holding strong support at 2610/00 targets 2650/60, perhaps as far as 2685/95 into next week. A break above 2705 is the next buy signal. Read more...
Gold Price Forecast: Upside bias remains intact amid bullish technical setup
Gold (XAU/USD) sellers returned on Thursday and downed the prices by 1% to $1777 levels. Gold snapped a two-day winning streak and fell from near the $1798 region after reports that US President Joe Biden is proposing a capital gains tax hike for the wealthy to fund its social pan, which triggered risk aversion across the board. Investors scurried to safety in the US dollar as the US stocks tumbled alongside the Treasury yields, weighing on the USD-sensitive gold. However, the surging covid cases globally and the fall in the US rates helped put a floor under the yellow metal. Read more...
Gold Price Analysis: XAU/USD eases from tops, downside remains cushioned
Gold surrendered its modest intraday gains and refreshed daily lows, around the $1,781 region during the early European session, albeit lacked follow-through selling.
A combination of factors failed to assist the precious metal to capitalize on its early uptick, instead prompted some fresh selling around the $1,790 region. Bearish traders might now be looking to extend the previous day's retracement slide from the vicinity of the $1,800 round-figure mark, or near two-month tops. Read more...
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