Gold Price News and Forecast: XAU/USD bounces back above $1820, downside bias still intact
|Gold Price Analysis: XAU/USD hangs near three-week lows, just above $1810 level
Gold maintained its offered tone through the first half of the European session and was last seen trading around the $1815 region, just above near three-week lows set earlier this Thursday.
Given this week's breakthrough a short-term ascending trend-line, a subsequent weakness below the $1830 horizontal levels supports prospects for a further near-term depreciating move. Hence, a fall back towards challenging 2021 lows, around the $1800 mark touched on January 18, looks a distinct possibility. Read more...
Gold Price Analysis: XAU/USD bounces back above $1820, downside bias still intact
Gold (XAU/USD) bears have taken a breather in early European trading, prompting a rebound towards the critical bearish 21-hourly moving average (HMA) at $1831.
Acceptance above the latter could accelerate the recovery towards the next resistance at the 50-HMA of $1836.
Powerful resistance around $1848 could likely keep the further recovery elusive. That level is the confluence of the 100 and 200-HMAs. Read more...
Gold Price Analysis: The $1800 mark is the next relevant target for bears
Gold (XAU/USD) extended this week's rejection slide from the $1875-76 resistance zone and witnessed heavy selling for the fourth consecutive session on Thursday. XAU/USD seems poised to challenge 2021 lows, around the $1800 mark, FXStreet's Haresh Menghani reports.
Key quotes: "Thursday's release of the US Initial Weekly Jobless Claims data will be looked upon for some impetus later during the early North American session. This, along with the US stimulus headlines and the US bond yields, will influence the USD price dynamics. Traders might further take cues from the broader market risk sentiment to grab some meaningful trading opportunities." Read more...
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