Gold Price News and Forecast: XAU/USD eyes $1770 amid symmetrical triangle breakdown
|Gold Price Forecast: XAU/USD weighed down by rallying US bond yields, upbeat market mood
Gold struggled to capitalize on the previous day's goodish intraday bounce and witnessed some fresh selling during the Asian session on Thursday. The underlying bullish tone in the financial markets was seen as one of the key factors that weighed on the safe-haven XAU/USD. Apart from this, the recent runaway rally in the US Treasury bond yields exerted some additional pressure on the non-yielding yellow metal. That said, a softer tone surrounding the US dollar might extend some support to the dollar-denominated commodity and help limit deeper losses, at least for the time being.
Reflation trade remains the primary theme amid the progress in coronavirus vaccinations and US President Joe Biden's proposed $1.9 trillion stimulus package, which has been fueling hopes for a strong global economic recovery. In the latest development, the US Food and Drug Administration said that Johnson & Johnson's one-dose COVID-19 vaccine appeared safe and effective in clinical trials and could grant emergency use approval by the end of the week. Read more...
Gold Price Analysis: XAU/USD eyes $1770 amid symmetrical triangle breakdown
Gold (XAU/USD) eyes deeper losses, as the rally in the US Treasury yields picks up pace in European trading. Despite closing Wednesday above the $1800 level, the bears retain control amid a technical break to the downside on the hourly chart.
The price of Gold confirmed a symmetrical triangle breakdown on the said timeframe after delivering an hourly close below the rising trendline support at $1796. The bearish break calls for a retest of Wednesday’s low at $1784, below which the measured target at $1770 could be challenged. Read more...
Gold Price Analysis: A softer tone around USD to help to limit XAU/USD losses
Gold witnessed some fresh selling during the Asian session on Thursday as XAU/USD is weighed down by rallying US bond yields and upbeat market mood. A softer tone surrounding the US dollar might extend some support to the dollar-denominated commodity and help limit deeper losses, FXStreet’s Haresh Menghani briefs.
“Rising inflation expectations, along with the reflation trade continued pushing the US bond yields higher, though did little to provide any meaningful boost to the greenback. This, in turn, might hold bearish traders from placing any aggressive bets.” Read more...
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