Gold Price News and Forecast: XAU/USD bulls challenge 100-SMA after triangle breakout
|Gold: 1844 resistance level will target 1863
The uptrend may be expected to continue in case the market rises above resistance level 1844, which will be followed by reaching resistance level 1863.
An downtrend will start as soon, as the market drops below support level 1838, which will be followed by moving down to support level 1828 and if it keeps on moving down below that level, we may expect the market to reach support level 1817 and 1802. Read more...
Gold Price Analysis: XAU/USD bulls challenge 100-SMA after triangle breakout
Gold (XAU/USD) has caught a fresh bid-wave in early Europe following a brief consolidation, as the bulls look to conquer $1850, as the recovery from two-month lows gathers steam.
Broad-based US dollar weakness amid the revival of the reflation trades on increased prospects of the US $1.9 trillion stimulus package, continues to favor the XAU bulls. Gold is considered a hedge against inflation and currency debasement. Read more...
Gold Price Analysis: Revival of reflation trades amid US stimulus hopes boosts XAU/USD
Gold (XAU/USD) extends its recovery from two-month lows of $1785 into the third straight session on Tuesday, backed by the revival of the reflation trades amid growing optimism on the passage of a $1.9 trillion stimulus package in the US Congress. A bullish breakout may be imminent, FXStreet's Dhwani Mehta briefs.
"The prospects of a bigger US fiscal stimulus and the Fed's continuation of the ultra-easy monetary policy will keep the gold bulls underpinned, as markets look forward to fresh updates on the stimulus front amid a lack of relevant US economic data slated for release on Tuesday. Although the surge in US Treasury yields amid increasing US inflation expectations could likely cap the advance in the yieldless gold." Read more...
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