Gold Price News and Forecast: XAU/USD bears stepping in at a critical resistance zone
|Gold Price Analysis: Bears dominate below critical 15-min resistance
Gold has enjoyed weakness in US yields this week and is drawing to a close in bullish territory. Gold is consolidating the recent weakness in both the US dollar and US yields. There are, however, prospects of a break to the downside on the 15-min time frame.
However, the price is testing critical hourly support while now below a key 15-min 10 and 21 EMA crossover, so there is something here for both the bulls and bears as illustrated in the following chart analysis.
Gold Price Analysis: XAU/USD bears stepping in at a critical resistance zone
Gold prices were elevated again on Thursday as the US dollar dipped to a fresh low on the back of sliding US yields. At the time of writing, XAU/USD is trading at $1,754.55 having popped from a low of $1,733.26 to a high of $1,758.72 on the day. US Treasury yields were losing ground again due to the fresh dovish comments from Federal Reserve Chair Jerome Powell.
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.