Gold Price News and Forecast: XAU/USD once again tests 1,750.00
|Gold Price Forecast: XAU/USD lacks directional bias, awaits US Retail Sales for a range breakout
Gold (XAU/USD) returned to the red on Wednesday, although remained confined within the recent trading range, awaiting a strong catalyst for a clear direction. The yellow metal tumbled, as the US Treasury yields embarked upon a steady recovery amid infrastructure stimulus optimism, higher inflation expectations, successful covid vaccine rollouts in the country. However, the extended sell-off in the US dollar and mixed performance on Wall Street indices helped limit the declines in gold. The greenback remains undermined by the tempered expectations of the Fed’s tapering after the latest US CPI report failed to re-ignite fears over rising inflation. Read more...
Gold analysis: Once again tests 1,750.00
The yellow metal found support in the 1,735.00 level and surged. At mid-day on Thursday, the commodity price was testing the resistance zone, which was located just below the 1,750.00 marks.
Note that this is the second attempt being made during this week's trading. In general, the future forecasts still remain upon whether or not the resistance zone holds. In the case of the metal passing the resistance of the 1,750.00 level, the pair could test the March high levels above the 1,755.00 marks. Read more...
Gold Price Analysis: XAU/USD closes in on key $1,750 resistance
The XAU/USD pair closed in the negative territory on Wednesday but didn't have a difficult time reversing its direction on Thursday as US Treasury bond yields continue to drive gold's movements ahead. The benchmark 10-year US T-bond yield, which rose 1.4% on Wednesday, is currently losing 1.6% at 1.613%, helping XAU/USD preserve its bullish momentum.
On the four-hour chart, the Relative Strength Index (RSI) indicator edged higher to 60, suggesting that buyers are trying to remain in control of the price. However, gold lost its traction near $1,750 in the last two trading days and it could have a difficult time gathering bullish momentum unless it manages to make a daily close above that level. The next resistance could be seen at $1,758 (Apr. 8 high). Read more...
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