Gold Price News and Forecast: XAU/USD finds some support ahead of weekly lows, at least for now
|Gold Price Analysis: XAU/USD remains vulnerable near multi-day lows, around $1815 region
Gold extended this week's rejection slide from the very important 200-day SMA and witnessed some follow-through selling for the second consecutive session on Friday. The commodity remained depressed through the mid-European session and was last seen trading near multi-day lows, around the $1815 region.
Despite doubts about the US economic recovery, the US dollar was back in demand and was seen as one of the key factors exerting some pressure on the dollar-denominated commodity. However, a softer risk tone extended some support to traditional safe-haven assets and helped limit any further losses for the XAU/USD. Read more...
Gold Price Analysis: XAU/USD finds some support ahead of weekly lows, at least for now
Gold lost some additional ground during the early North American session and dropped to the lower end of its weekly trading range, around the $1810 region.
The precious metal witnessed some heavy selling for the second consecutive session on Friday and was weighed down by a combination of factors. Despite doubts about the pace of the US economic recovery, the US dollar was back in demand and exerted some follow-through pressure on the dollar-denominated commodity. Read more...
Gold Price Analysis: XAU/USD to dip below the $1810 mark
Gold (XAU/USD) has been extending its decline, changing hands at around $1820 after topping $1850 earlier in the week. XAU/USD’s path of least resistance appears down as the rally in platinum group metals dulls gold’s attractiveness, FXStreet’s Dhwani Mehta reports.
Key quotes: “Negatively affecting the risk tone is the lack of fresh developments on the massive US stimulus front, which adds to the downside in the inflation-hedge gold. Markets are resorting to taking profits off the table on their US dollar short positions after the recent slide while gold’s rejection above the $1850 level also warrants caution for the bullish buyers.” Read more...
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