Gold Price News and Forecast: XAU/USD short recovery and continue to bearish in the long-term
|Gold downtrend continuing towards 1720 zone
As expected, Gold has made the move lower to 1755 zone. The downtrend is expected to continue towards 1720.
If the market makes a pullback to the 78.6-88.6 zone we should see another leg of selling. We can also see a trend line which adds to the confluence. 1765-60 is the first target but we might see a move lower, possibly next week towards 1720. Watch for the levels as shown on the chart as selling the rally is imo, the best option. Read more...
Gold price analysis: XAU/USD short recovery and continue to bearish in the long-term
Yesterday, the DXY - US Dollar Index, increased sharply from 89.7 to 90.3. This is the strongest and fastest increase in February, while the numbers create a positive outlook for the US economy. On the other hand, in the last two speeches of the President of the US Federal Reserve - J. Powell, he always assured investors, that the US economy is in a recovery period. He will keep waiting for new growths. He also promised to stop monetary easing (through QE packages), stop buying monthly bonds, raise interbank interest rates and control the Yield Curve if the economy grow better in Q3/2021.
Gold dropped sharply from $1795/oz to $1765/oz in New York session, then recover to $1772/oz in Asian session. The dropping sharply yesterday is caused by the moving to keep interest rates unchanged of J. Powell (I mentioned above). Read more...
Gold Price Analysis: XAU/USD bounces off multi-month lows, keeps the red below $1765 level
Gold remained depressed through the first half of the European session, albeit has managed to recover a part of its intraday losses to eight-month lows. The precious metal was last seen trading near the $1764-63 region, down around 0.75% for the day.
From a technical perspective, slightly oversold RSI on the 1-hourly chart seemed to be the only factor that extended some support to the XAU/USD. That said, oscillators on 4-hourly/daily charts are holding in the bearish territory and are still far from being in the oversold zone. This, in turn, favours bearish traders and supports prospects for further weakness. Read more...
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