Gold Price News and Forecast: XAU/USD tumbles to 2021 lows near $1,770
|Gold Price Analysis: XAU/USD bounces at critical support, bulls eye $1,803 –" Confluence Detector
Gold has suffered a fresh blow from US Retail Sales –" Americans expanded their expenditure by no less than 5.3% in January, far above expectations. The robust data has triggered yet another sell-off in bonds, sending yields to above 1.3%. Contrary to Treasuries, the precious metal does not provide any returns and is thus less attractive.
In the meantime, President Joe Biden continues pushing his massive $1.9 trillion coronavirus relief bill. Will it push yields even higher or will the cash flow into gold? Read more...
Gold Price Analysis: XAU/USD tumbles to 2021 lows near $1,770
Price action around the ounce troy of Gold remains well into the negative ground for yet another session on Wednesday. In fact, the precious metal decisively breached the previous yearly lows around $1,785 (February 4) and met contention near $1,775 so far in the session.
The sharp move lower in the safe haven metal opens the door to extra weakness in the very near-term at least and now seems to target the November 2020 lows in the $1,760 region per ounce. Read more...
Gold Price Analysis: XAU/USD refreshes YTD lows, remains vulnerable to slide further
Gold witnessed some fresh selling during the early European session and slipped below the $1785 level, or fresh YTD lows in the last hour.
The precious metal extended its recent rejection slide from the very important 200-day SMA and continued losing ground for the fifth consecutive session on Wednesday. The US dollar remained well supported by the recent runaway rally in the US Treasury bond yields. In fact, the key USD Index built on the previous day's solid rebound from three-week lows, which, in turn, weighing on the dollar-denominated commodity. Read more...
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