Gold Price News and Forecast: XAU/USD bulls looking for a discount in $1560s
|Gold Price Analysis: Bulls looking for a discount in $1560s
The price of gold has been found floundering between 1580 and the 1560s following a surge at the start of eh year to the highest levels since March 2013 at $1,611. However, the divergence on the weekly chart between momentum and price is alarmingly and a break in price to the downside could be the trigger for a top for the medium term with a downside target of 1530 ahead of 1440/50.
Gold drops further near $1565 amid risk appetite
Gold prices continued to move lower during the American session and reached a fresh daily low at $1566/oz. It retreated further after it climbed yesterday to $1588, the highest level since January 8.
XAU/USD filled the weekly opening gap, falling below Friday’s close. The improvement in market sentiment, a stronger US dollar and higher US yields pushed gold further lower.
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.