Gold Price News and Forecast: XAU/USD retreats to $1,780 area ahead of key US data
|Gold nears $1800 reinforced by the 10yr US Real Yields break lower – Credit Suisse
Gold has resumed its core bull trend reinforced by the expected break lower by 10yr US Real Yields as the yellow metal trades at near $1790, gaining +0.42% on a day. Strategists at Credit Suisse mark resistance at $1796/1803.
Key quotes: "Gold has seen its expected break higher from its range above $1765 to confirm a resumption of its core bull trend with resistance seen at $1796/1803 next." Read more...
Gold Price Analysis: XAU/USD retreats to $1,780 area ahead of key US data
After posting its highest daily close since October 2012 at $1,781.67, the XAU/USD pair extended its rally and came within a touching distance of $1,790 before losing its traction. As of writing, the pair was virtually unchanged on a daily basis at $1,781.
The uncertainty surrounding the impact of rising coronavirus cases' on the US economic recovery provided a boost to the safe-haven precious metal on Tuesday. Moreover, month-end flows triggered a fresh gold-buying wave and allowed the pair to stretch higher in the late American session. Read more...
Gold hits fresh multi-year tops, fast approaching $1800 mark
Gold jumped to fresh multi-year tops in the last hour, with bulls now eyeing a move towards the ambitious $1800/ounce target.
Following a brief consolidation through the Asian session on Wednesday, the commodity regained some positive traction and added credence to the overnight breakthrough a one-week-old trading range. Worries about the second wave of coronavirus infections turned out to be one of the key factors that continued benefitting the safe-haven precious metal. Read more...
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