Gold Price News and Forecast: XAU/USD continues to lose traction on the back of the stronger USD
|Gold Price Analysis: XAU/USD bounces off seven-week low but 200-day SMA probe buyers
Gold takes the bids near $1,832, up 0.29% intraday, during early Monday. The yellow metal refreshed a multi-day low before bouncing off $1,802.80 but the corrective recovery needs to cross 200-day SMA to convince the buyers.
As a result, the current run-up eyes 200-day SMA level near $1,845 whereas the previous week’s top surrounding $1,865 will act as an extra upside barrier. Although bearish MACD defies any further upside, a clear run-up past-$1,865 will eye the $1,900 threshold.
Asia Market: Unsavoury macro developments hang like a dark cloud
Gold continues to lose traction on the back of the stronger USD as it both shrugs off a dip in yields and remains non-reactive to Chair Powell’s dovish forward guidance, or even the political discord on both sides the pond. However, I think it's worth keeping an eye on these developments, especially if social unrest rears its ugly head in the US.
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.