Gold Price News and Forecast: XAU/USD heads back towards key $1828 support ahead of Powell
|Gold: A break below 1816 targets 1808
Gold Spot topped exactly at first resistance at 1859/61 targeting 1851/49 & 1840/37 but holding first support at 1830/28. Silver Spot shorts at our selling opportunity at 2565/75 worked perfectly on the dip to minor support at 25.20/15 for some profit taking. This support also held. Same levels apply for today.
Gold holds 2 points above first support at 1830/28. First target is 1850/52 with first resistance at 1859/61. Shorts need stops above 1863 for a test of minor resistance at 1869/71. Try shorts at 1880/85 with stops above 1890. Read more...
Gold Price Analysis: XAU/USD heads back towards key $1828 support ahead of Powell
Gold (XAU/USD) remains vulnerable to deeper losses, as the US Treasury yields and the dollar continue to cheer the prospects of a bigger-than-expected fiscal stimulus plan, of about $2 trillion, likely to be announced by President-elect Joe Biden on Friday. Ahead of that, the Fed Chair Powell's speech will hold the key for fresh gold trades.
At the time of writing, gold trades at $1841, down 0.46% on the day, as the recovery ran into stiff offers just below the $1850 level. Read more...
Gold Futures: Further consolidation looks likely
Investors trimmed their open interest positions by almost 4K contracts on Wednesday, reversing the previous build according to preliminary readings from CME Group. On the opposite side, volume reversed two drops in a row and advanced by nearly 4.9K contracts.
Wednesday’s negative price action in gold prices was on the back of shrinking open interest, removing some strength from a deeper pullback and exposing further consolidation in the very near-term. Against this, the precious metal is expected to meet decent support around the 200-day SMA in the $1,840 region. Read more...
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