Gold Price News and Forecast: XAU/USD treads water once again
|Gold Price Analysis: XAU/USD sellers flirt with $1,800, eye weekly support line
Gold struggles to keep $1,800, recently bouncing off 100-HMA, during the early Thursday. Even so, the yellow metal declines for the third consecutive day while following a downward sloping trend line from February 10.
Given the absence of oversold RSI conditions on the hourly (1H) chart, coupled with the sustained trading below the stated resistance line, gold sellers are likely to keep the reins.
Powell puts recovery trade back on track
Gold finished almost unchanged overnight at $1805.50 an ounce. That belied what was quite a volatile day, gold trading as low as $1784.00 an ounce, and as high as $1814.00 an ounce. Gold can thank Jerome Powell's dovish outlook for its late session comeback, but nagging doubts still persist over the yellow metal at these levels.
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