Heading into the final trading day of this week, gold has turned positive once again, looking to retake the $1800 mark, as the upside bias remains intact amid bullish technical setup, FXStreet’s Dhwani Mehta briefs.

See – Gold Price Analysis: XAU/USD to climb towards the $1857/83 area – Credit Suisse

News on Biden’s tax proposal, US PMIs and covid updates in focus

“The greenback has resumed its bearish momentum amid improving market mood, as investors appear to move past Biden’s tax hike reports. The US Treasury yields are stabilizing after the previous drop, although its impact on the yieldless gold is likely to be limited, as the technical setup remains in favor of the bulls.” 

“Markets look forward to the Eurozone and US PMI reports from fresh hints on the post-pandemic global economic recovery. Meanwhile, the covid vaccines and infections updated will be closely eyed as well.”

“A daily closing above the $1800 threshold is needed to revive the double bottom bullish reversal. The 100-DMA at $1804 would be the next bullish target, above which the doors are likely to open up towards the February 24 high of $1814.”

“A drop below Thursday’s low of $1777 is likely to put this week’s low at $1764 at risk. Further down, the confluence of the 21 and 50-DMAs at $1747 is the level to beat for the XAU bears.”

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD corrects to near 0.6500 as hawkish Fed bets soar

AUD/USD corrects to near 0.6500 as hawkish Fed bets soar

The AUD/USD pair has dropped marginally below the psychological support of 0.6500 after facing barricades around the usual resistance of 0.6520, acting firmer for the past few trading sessions. Market mood has turned sour as North Korea launched a missile in early Tokyo.

AUD/USD News

EUR/USD extends recovery above 0.9900 as risk-off fades, US NFP in focus

EUR/USD extends recovery above 0.9900 as risk-off fades, US NFP in focus

The EUR/USD pair has crossed the immediate hurdle of 0.9900 confidently and is expected to establish above the same. The risk profile is getting cheerful now as S&P500 has rebounded firmly. Also, yields have cooled somehow as investors are shifting their focus toward the NFP data.

EUR/USD News

Gold aims to extend recovery above $1,720 as focus shifts to US NFP

Gold aims to extend recovery above $1,720 as focus shifts to US NFP

Gold price (XAU/USD) has turned sideways after sensing demand around the critical support of $1,700.00. The precious metal is aiming to cross the $1,720.00 hurdle and will find its next barricade around $1,730.00. 

Gold News

US House Committee turn to DoJ for CBDC development as SWIFT resolves cross-border transfer hurdle

US House Committee turn to DoJ for CBDC development as SWIFT resolves cross-border transfer hurdle

In a letter, the House Financial Services Committee (FSC) asked the Department of Justice (DoJ) for their CBDC assessment. The House Committee analyzed whether the Federal Reserve has the authority to issue a CBDC without authorizing legislation.

Read more

Stock Market: False dawn or not

Stock Market: False dawn or not

S&P 500 jubilation continued yesterday, and markets didn‘t really notice Fed‘s Williams throwing cold water on giving up the fight against inflation prematurely. The excessive moves in USD retreat well below 111.50 throughout yesterday.

Read more

Forex MAJORS

Cryptocurrencies

Signatures