Gold Price News and Forecast: XAU/USD recovers on Thursday
|Gold Price Forecast: XAU/USD forms a double-bottom near $1677-76 region, March lows
Gold survived the first test of YTD lows touched on March 8 and staged a goodish rebound on Wednesday, snapping two days of the losing streak. The yield on the benchmark 10-year US government bond remained below 14-month tops, or levels beyond the 1.75% threshold touched in the previous session and prompted traders to take some profits off their US dollar bullish positions. This, in turn, was seen as a key factor that extended some support to the non-yielding yellow metal. Apart from this, a cautious mood around the equity markets further benefitted the safe-haven XAU/USD.
The combination of factors pushed the precious metal back above the $1,700 mark, though the recovery lacked any strong bullish conviction. Investors remained hopeful about the prospects for a relatively faster US economic recovery amid the impressive pace of coronavirus vaccinations and US President Joe Biden's spending plan. Read more...
Gold analysis: Recovers on Thursday
The support of the zone near the 1,680.00 level eventually caused a surge. It resulted in a surge, which by the middle of Thursday's trading hours had reached the 1,720.00 level. In the meantime, note the resistance cluster above the 1,721.00 level. The March 23 to 30 low level zone together with the 200-hour simple moving average had turned into a resistance.
If the resistance zone does not hold, the commodity price could reach for the resistance of the zone near 1,745.00, which kept the metal down during the middle of March. Read more...
Gold Price Analysis: XAU/USD needs to recapture 200-HMA at $1721 to unleash further upside
Gold (XAU/USD) is holding the higher ground above the $1700 level, as the recovery from multi-week lows extends into the second day on Thursday. Adding credence to the ongoing upbeat momentum, a bull flag breakout got confirmed on the hourly chart earlier in the Asian session.
The upside break prompted the XAU bulls to regain a strong foothold above the downward-sloping 100-hourly moving average (HMA) at $1709. The next critical barrier for the buyers awaits at $1721, which is the horizontal 200-HMA. Only a sustained move above the latter could unleash additional recovery gains. Read more...
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