Gold Price News and Forecast: Sellers to dominate XAU/USD while below $1,800
|Gold Price Analysis: XAU/USD continues to push higher, next hurdle aligns at $1,805
After spending the first half of the day in a relatively tight range a little above $1,780, the XAU/USD pair gained traction and rose to a daily high of $1,802. As of writing, the pair was up 0.75% on the day at $1,797.
On the 4-hour chart, the Relative Strength Index (RSI) indicator is edging higher toward 60, suggesting that gold has more room on the upside before becoming technically overbought. Read more...
Gold Price Analysis: Sellers to dominate XAU/USD while below $1,800
Gold snapped a six-day losing streak on Friday and closed around $1,780 but lost more than 2% on a weekly basis. XAU/USD could extend losses toward the $1,750 level, FXStreet’s Eren Sengezer reports.
“On Tuesday, the Conference Board’s Consumer Confidence Index from the US will be watched closely by market participants. As we have seen in the past couple of weeks, a positive reading could help the USD gather strength and force XAU/USD to remain on the back foot.” Read more...
Gold: Suggestions of tapering to put further pressure on XAU/USD –" ING
Growing confidence in the global recovery, especially in the US, is leading to speculation over when the Fed might take its foot off the accelerator and buy fewer Treasuries and Agencies. Any tapering suggestion would put further pressure on gold, strategists at ING Bank report.
“The rise that we have already seen in Treasury yields so far this year has put a fair amount of pressure on gold, with it increasing the opportunity cost of holding it. Any suggestion of tapering would likely put only further selling pressure on the yellow metal.” Read more...
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