Gold Price News and Forecast: XAU/USD upside attempts above $1800 to remain elusive ahead of US CPI
|Gold Price Analysis: XAU/USD breaks $1,800 threshold, nearby support lines in focus
Gold prints 0.24% daily losses while declining to $1,798.70, intraday low of $1,796.00, during Tuesday’s Asian session. The yellow metal refreshes the lowest prints since Friday while attacking multiple key support lines as it slips beneath the $1,800 psychological magnet.
Other than the immediate support lines around $1,795 and $1,788/87, stretched respectively from June 05 and June 15, a 200-bar SMA level of $1,750 also becomes the key for sellers to watch. Additionally, $1,767 and June 11 top near $1,744 act as extra downside levels to follow during the bullion’s further weakness.
Gold Price Forecast: Upside attempts above $1800 to remain elusive ahead of US CPI
Gold (XAU/USD) closed below $1800 mark for the second straight day on Monday following a wild ride witnessed in the US last session. The bright metal fell under the latter from as high as $1813 levels after the US dollar bounced-back across the board amid a flight to safety. The US stocks were sold-off into the growing coronavirus risks after California reimposed on businesses and public spaces amid a spike of coronavirus infections. Further, souring diplomatic US-China ties over the Hong Kong and South China sea issues also weighed on the risk appetite and boosted the haven demand for the US currency. This, in turn, made the USD-denominated gold expensive in other currencies.
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