Gold Price News and Forecast: XAU/USD remains confined in a range around $1,770 level
|Gold Price Analysis: XAU/USD to wait until the end of the year to see new highs – Credit Suisse
Gold (XAU/USD) holds a near-term base and strategists at Credit Suisse see scope for a fresh test of resistance from its 200-day average at $1857. Rising US Real Yields, as well as a sideways USD, are likely to see strength capped here for now though.
We look for a recovery back to $1835, potentially the 200-day average and downtrend at $1857/79, but with a fresh cap expected here for now. Read more...
Gold Price Analysis: XAU/USD remains confined in a range around $1,770 level
Gold witnessed a subdued/rangebound price action on Friday and remained confined in a range, around the $1,770 region through the early part of the European session.
A combination of diverging forces failed to provide any impetus, or assist the precious metal to build on the overnight bounce from the $1,756 area or two-week lows. The US dollar strengthened a bit for the second straight session on Friday and recovered further from the lowest level since February 26. This was seen as a key factor that capped any meaningful upside for dollar-denominated commodities, including gold. Read more...
Gold Price Analysis: XAU/USD to extend the downside on a close below 21-DMA at $1756
This Friday, gold seems to have resumed the downside, as the Treasury yields attempt a bounce across the curve. The $1756 21-daily moving average (DMA) support holds the key for XAU/USD, as FXstreet’s Dhwani Mehta notes.
The US dollar holds steady, awaiting fresh cues from the Core PCE and personal spending data. Gold traders will continue to closely follow the risk trends, especially in light of the preliminary growth figures from Germany and the Eurozone. If the GDP numbers disappoint, it could reinforce risk-aversion across the board, knocking off higher-yielding assets such as US rates, in turn, putting a floor under gold. Read more...
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