Gold Price News and Forecast: XAU/USD eyes deeper losses below $1700
|Gold Price Analysis: XAU/USD turns south once again, eyes $1670 ahead of NFP
Having hit nine-month lows at $1687 earlier this Friday, Gold (XAU/USD) bulls are struggling to extend the recovery above the $1700 level.
Gold prices have entered a phase of consolidation following a failure to find acceptance above the latter on a couple of occasions. Thus, XAU/USD carved out a pennant pattern on the hourly sticks.
An hourly closing below the rising trendline support at $1691 could validate a pennant breakdown, opening floors for a test of $1674/72 levels, which is the confluence of the pattern target and the June 2020 low. Read more...
Gold Price Analysis: XAU/USD eyes deeper losses below $1700
Gold (XAU/USD) holds the lower ground below the $1700 level, as Fed Chair Jerome Powell’s dismissal of the bond market turmoil triggered a fresh sell-off in the Treasuries, which drove the yields higher. The downside appears more compelling for XAU/USD as traders await US Nonfarm Payrolls and stimulus news for fresh impulse, FXStreet’s Dhwani Mehta reports.
“Heading into the critical US NFP release, gold looks vulnerable, as the dollar holds firmer in tandem with the yields. If the headline NFP figures disappoint, the risk-off action in the global equities could intensify, bolstering the haven demand for the greenback, which could cause more pain for gold. The US economy is expected to add 182K jobs in February vs. the previous +49K figure. Also, the updates on the US $1.9 trillion stimulus will be closely followed as its nears approval by the Senate.” Read more...
Gold Price Analysis: XAU/USD ticks higher to $1700 neighbourhood, lacks follow-through
Gold reversed an Asian session dip to near nine-month lows and was last seen hovering near the top end of its daily trading range, around the $1700 mark.
The precious metal prolonged its recent bearish trajectory and witnessed some selling during the early part of the trading action on the last day of the week. Some follow-through uptick in the US Treasury bond yields turned out to be one of the key factors that exerted pressure on the non-yielding yellow metal, though oversold conditions helped limit any further losses. Read more...
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.