Gold Price News and Forecast: XAU/USD steadies above $1,770 ahead of key US data
|Gold Price Analysis: Ready to challenge critical resistance amid Non-Farm Payrolls – Confluence Detector
Gold is edging up as tensions mount ahead of the all-important Non-Farm Payrolls report. Will the US recovery extend and push XAU/USD lower? Or is the recent surge in coronavirus cases set to boost the precious metal? Technicals are showing the battle lines and the critical resistance line awaiting gold.
The Technical Confluences Indicator is showing that the initial cap awaits XAU/USD at $1,779, which is where the previous weekly high hits the price. Read more...
Gold Price Analysis: XAU/USD steadies above $1,770 ahead of key US data
The XAU/USD pair climbed to its highest level since October of 2012 at $1,789 on Wednesday but ended up closing the day deep in the negative territory at $1,770. With the trading action turning subdued ahead of key macroeconomic data releases from the US, the pair is posting small gains at $1,773.
Upbeat macroeconomic data releases from the US on Wednesday revived hopes of a strong global economic recovery in the second half of the year despite the continually-increasing number of COVID-19 cases. Reflecting the risk-on environment, major European equity indexes are up between 0.8% and 1.8% on the day and the S&P 500 futures are gaining 0.78%, pointing out to a positive opening in Wall Street. Read more...
Gold Price Analysis: XAU/USD sees fresh signs of life above $1770 ahead of US NFP
Gold (XAU/USD) buyers are seeing some fresh signs of life in the European session this Thursday, courtesy of the risk-on rally in the European stocks that intensified the selling pressure around the greenback.
The haven demand for the US dollar was destroyed, as investors shunned safety in favor of the higher-yielding/ risk assets such as the equities, US stock futures and oil. This, in turn, rescued the XAU bulls after they witnessed a massive slump on Wednesday. Read more...
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