Gold Price News and Forecast: XAU/USD refreshes two-week top as buyers eye 100-day SMA
|Gold Price Forecast: XAU/USD to face a bumpy road to the upside amid stimulus hopes
With Joe Biden sworn in as the 46th US President on Wednesday, Gold (XAU/USD) surged nearly 2% to reach the highest levels in two weeks above $1870. That came in on the heels of the continued rise in the US inflation expectations, as markets remained hopeful that the Biden administration would boost stimulus to deal with the economic blow from the coronavirus pandemic.
The US stocks registered fresh all-time highs, as the stimulus expectations lifted the risk sentiment and weighed negatively on the US dollar. Meanwhile, the 10-year US Treasury yields traded rangebound around 1.10%. Read more...
Gold Price Analysis: XAU/USD refreshes two-week top as buyers eye 100-day SMA
Gold prices rise to the fresh high since January 08 while taking the bids near $1,875, currently up 0.17% near $1,873.50, while heading into Thursday’s European open. The yellow metal buyers cheer successful upside break of 50-day SMA to refresh the multi-day high.
Additionally, the market’s risk-on mood due to US President Joe Biden’s formal ruling for one day and the receding strength of the MACD’s bearish signals also back the upside momentum. Read more...
Gold Futures: Room for extra gains near-term
Open interest in gold futures markets rose by nearly 8K contracts on Wednesday following two consecutive daily pullbacks according to flash figures from CME Group. On the other hand, volume extended the choppy activity and went down by more than 96K contracts.
Wednesday’s strong advance in gold prices finds support in the uptick in open interest, leaving the door open for the continuation of this trend in the very near-term. That said, the $1,900 mark per ounce emerges as the next target of significance. Read more...
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