Gold Price News and Forecast: XAU/USD struggles near two-month lows, around $1850 area [Video]
|Gold: Dollar strengthening has really had a negative impact on the yellow metal [Video]
The dollar strengthening has really had a negative impact on gold. The price has driven decisively lower in the past few sessions, with key support levels breached. The move is continuing lower today. The rejection of the support around $1902 has been developing but as the US session took hold yesterday another surge of gold selling has pulled the market to what is now a two month low. There was some consideration given to the spike low of $1863 overnight, but the bears continue to drag the market lower today. Having broken decisively clear below the 23.6% Fibonacci retracement (of $1451/$2072) the implication is a move to the 38.2% Fib level at $1835 now. However, if gold is anything like silver then the 50% Fib level may be also on the cards (at $1761). Read More...
Gold struggles near two-month lows, around $1850 area
Gold remained depressed through the first half of the trading action on Thursday and was last seen hovering near two-month lows, around the $1850 region.
The precious metal prolonged this week's bearish break through the $1900 strong horizontal support and witnessed some follow-through selling for the fourth consecutive session on Thursday. The ongoing downtrend was exclusively sponsored by strengthening US dollar, which tends to undermine demand for the dollar-denominated commodity. Read More...
Gold Price Analysis: XAU/USD’s bearish bias intact, acceptance below $1844 critical – Confluence Detector
Gold’s (XAU/USD) correction from record highs of $2075 has regained traction this week, with the August low of $1863 taken out, thanks to the relentless surge in the US dollar’s safe-haven demand. Global economic recovery worries amid coronavirus resurgence in key economies and central banks’ on hold monetary policy outlooks continue to fuel the dollar’s rally.
The bright metal extends Wednesday’s 2% sell-off this Thursday, down for the fourth day in a row, as bear eye a test of the critical support at $1844. How is gold positioned on the chart ahead of the US Jobless Claims data and Day 3 of the Fed Chair J. Powell’s testimony. Read More...
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