XAU/USD
Yesterday, the XAU/USD exchange rate tumbled to the 1,710.00 level. During Wednesday morning, the rate declined below the given level.
From the one hand, it is likely that some downside potential could prevail in the market. In this case the rate could target the 1,690.00/1,700.00 area.
From the other hand, it is likely that yellow metal could consolidate against the US Dollar in the 1,705.00/1,710.00 range.
Also, it is unlikely that some upside potential could prevail in the market, and the price for gold could exceed the 1,722.00/1,735.35 area due to the resistance formed by the 55-, 100– and 200-hour SMAs.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
EUR/USD advances to near 1.0750 as risk appetite regains balance
EUR/USD extends its winning streak for the third successful day, trading around 1.0730 during the Asian session on Friday. The risk-sensitive currencies like the Euro gain ground as risk appetite regains balance ahead of US Nonfarm Payrolls.
GBP/USD trades on a stronger note 1.2530, all eyes on US NFP data
The GBP/USD pair trades on a stronger note around 1.2540 amid the softer US Dollar on Friday. The US Federal Reserve Chair Jerome Powell delivered a modest dovish message after the meeting on Wednesday, which weighs on the Greenback.
Gold lacks firm near-term direction, remains stuck in a range ahead of US NFP
Gold price struggles to gain any meaningful traction amid mixed fundamental cues. The Fed’s less hawkish outlook drags the USD to a multi-week low and lends support. Bets for a delayed Fed rate cut and a positive risk tone cap gains ahead of the US NFP.
Solana price pumps 7% as SOL-based POPCAT hits new ATH
Solana price is the biggest gainer among the crypto top 10, with nearly 10% in gains. The surge is ascribed to the growing popularity of projects launched atop the SOL blockchain, which have overtime posted remarkable success.
US NFP Forecast: Nonfarm Payrolls gains expected to cool in April
The United States Employment report will be released by the Bureau of Labor Statistics at 12:30 GMT. The US Dollar looks to employment data after the Fed signaled its intention to hold rates higher for longer on Wednesday.