Gold Price News and Forecast: XAU/USD flirts with session lows, around $1,745 area
|Gold Price Analysis: Rejection at 50-DMA recalls XAU/USD sellers, $1730 eyed
Gold (XAU/USD) has returned to the red zone on Friday, having failed to surpass the critical hurdle at $1760 for the second straight session.
That level appears to be the downward-sloping 50-daily moving average (DMA). Sellers are back in control and remain poised to threaten the mildly bullish 21-DMA at $1731.
However, with the 14-day Relative Strength Index (RSI) still defending the midline, the downside appears limited by the abovementioned 21-DMA support. Read more...
Gold Price Analysis: XAU/USD flirts with session lows, around $1,745 area
Gold extended its steady intraday descent from five-week tops and refreshed fresh daily lows, around the $1,745-44 region heading into the North American session.
The precious metal witnessed a modest pullback from the vicinity of the $1,760-65 strong resistance and for now, seems to have stalled its recent strong rebound from multi-month lows. As investors looked past a stubbornly dovish Fed, a sharp intraday spike in the US Treasury bond yields turned out to be a key factor that drove flows away from the non-yielding yellow metal. Read more...
Gold Price Analysis: Failure at the $1,760-65 zone warrants caution for XAU/USD bullish traders
Gold (XAU/USD) witnessed a modest pullback from the vicinity of the $1,760-65 resistance zone during the Asian session on Friday and eroded a part of the overnight gains to five-week tops, FXStreet’s Haresh Menghani briefs.
There isn't any major market-moving economic data due for release from the US on Friday, leading the commodity at the mercy of the USD price dynamics, the US bond yields and the broader market risk sentiment. This makes it prudent to wait for some strong follow-through selling before confirming that the two-week-old upward trajectory has run out of steam and positioning for the resumption of the prior/well-established bearish trend. Read more...
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