Gold Price News and Forecast: XAU/USD’s recovery appears limited ahead of Powell [Video]
|Trading gold to the downside, stochastics on XAU/USD overbought [Video]
Yesterday we looked at gold from the fundamental standpoint and the market still sees downward pressure even though price has risen above $1800. From the technical view, we see price at the upper trend line in this bearish run so we will wait for confirmation before going short. Read more...
Gold Price Forecast: XAU/USD’s recovery appears limited ahead of Powell
The retreat in the US Treasury yields from yearly tops and rising inflation expectations worldwide render supportive for the inflation-hedge gold (XAU/USD). Although markets weigh in the prospects of passage of US President Joe Biden’s $1.9 trillion, which could limit the advance in the metal. Also, the XAU bulls could turn cautious ahead of the Fed Chair Jerome Powell’s testimony on the Semi-annual Monetary Policy Report before the Senate Banking Committee due later this Tuesday.
Powell is likely to reiterate his dovish stance, exerting additional downside pressure on the US dollar. Meanwhile, the market optimism-driven by encouraging vaccine developments could likely bode ill for the safe-haven gold. Read more...
Gold Futures: Recovery poised to advance further
Open interest in god futures markets increased by around 1.9K contracts and reversed six consecutive daily pullbacks on Monday, according to flash data from CME Group. In the other direction, volume resumed the downtrend and shrunk by around 32.5K contracts.
Prices of the ounce troy of gold met decent support in the $1,760 region so far. The rebound from that level managed to regain the key $1,800 mark per ounce and now looks to re-visit recent tops in the $1,860 zone on the back of Monday’s rising open interest. Read more...
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