Gold Price News and Forecast: XAU/USD trapped in no man's land
|Gold: Conditions in currency and interest rates sectors showing fair price on the level 1750
The uptrend may be expected to continue in case the market rises above resistance level 1858, which will be followed by reaching resistance level 1900.
An downtrend will start as soon, as the market drops below support level 1832, which will be followed by moving down to support level 1810 and if it keeps on moving down below that level, we may expect the market to reach support level 1780. Read more...
Gold trapped in no man's land
The precious commodity has had a very rough several weeks, tumbling nearly 200 dollars per troy ounce in the wake of the recent vaccine optimism. The reinvigorated investors and traders' enthusiasm catalysed the major selloff, as the global demand for safe-havens and other low-risk securities plummeted. The market is currently riding high on the expectations for a sharp rebound in global economic activity in 2021, but it is yet to come to terms with the realisation that it will take time before there can be worldwide vaccination.
The market could very well be getting ahead of itself, but eventually, traders and investors need to come to grips with the fact that no vaccine can be a substitute for lost productivity. Despite some notable improvements, the underlying economic situation is not yet as optimistic as it might seem at first glance. Read more...
Gold V-shaped reversal but still bearish
Gold has retraced a bit to the upside as V shaped reversal with W pattern took place at the bottom 1764.
Bears still have few more options. The first POC zone 1832-35 might reject the price to the diwnside else the resistance 1841 will be hit. However, if we see the price going further up watch for 1850-56 zone where Order block is. In bothe scenarios, GOLD might drop to 1802 which is 50.0 of the swing. Only above 1876 bulls will have the real power. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.