Gold Price News and Forecast: XAU/USD likely to face stiff resistance near $1795-$1800
|Gold recovers to the first target of 1775/80
Gold minor support at 1772/70, then strong support again at 1764/61. Longs need stops below 1759. A break lower targets 1756/55 with support at 1748/46.
Gold recovers to the first target of 1775/80 as we look for a retest of this week’s high of 1788/90 now. A break higher today targets minor resistance at 1792/96 before strong 100 days moving average resistance at 1803/05. Read more...
Gold Price Forecast: XAU/USD likely to face stiff resistance near $1795-$1800, focus on yields
Gold (XAU/USD) rebounded on Tuesday as the US Treasury yields tumbled alongside global stocks. Surging covid infections globally brought a reality check into the markets and triggered a fresh risk-aversion wave. The US dollar recovered from seven-week troughs amid resurgent haven demand. Although gold traders ignored the dollar bounce back, as the dynamics in the yields continued to have a significant bearing on the yieldless gold. Dovish comments from Fed Chair Powell also aided the upside in gold. The US central bank chief said that they remain fully committed to both legs of the dual mandate. Read more...
Gold Price Analysis: XAU/USD bulls await a move beyond 100-day EMA near $1,790 level
Gold edged higher through the first half of the trading action on Wednesday, albeit lacked any strong follow-through buying. The commodity was last seen hovering just above the $1,780 level, up around 0.25% for the day.
The precious metal gained traction for the second consecutive session on Wednesday and moved back closer to multi-week tops touched earlier this week. Renewed fears about another dangerous wave of coronavirus infections in some countries turned out to be a key factor that provided a modest lift to the safe-haven XAU/USD. Read more...
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