Gold Price News and Forecast: XAU/USD struggled to capitalize on the overnight bounce from the vicinity of the $1,765-60 support
|Gold Price Analysis: XAU/USD struggles for direction, flat-lined above $1,780 level
Gold reversed an intraday dip to the $1,774 area and is currently placed near the top end of its daily trading range, around the $1,782-83 region.
Worries that surging COVID-19 infections in some countries could derail the global economic recovery continued lending some support to the safe-haven XAU/USD. Apart from this, the emergence of some fresh selling around the US dollar further benefitted the dollar-denominated commodity. However, a modest pickup in the US Treasury bond yields kept a lid on any further gains for the non-yielding yellow metal.
Gold: Good support at 1770/68
Gold, Silver, WTI Crude
Gold Spot bottomed exactly at strong support at 1770/68. Longs need stops below1766 today.
Silver Spot still just holding strong support at 2610/00.
WTI Crude JUNE Future longs at support at 6075/65 work on the bounce to the first target of 6170/90 as we look for a test of strong resistance at 6265/75 today.
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