Gold Price Analysis: XAU/USD sees strong support around $1765 – Standard Chartered

Gold (XAU/USD) has struggled in recent days following the latest surge in US Treasury yields. Analysts at Standard Chartered see strong support for the yellow metal at $1765 followed by the $1690 mark.

See – Gold: Suggestions of tapering to put further pressure on XAU/USD – ING

Key quotes

“Bond yields are unlikely to drive further gains in gold. The Fed will likely welcome the rise in inflation expectations under its Average Inflation Targeting framework. This means a further rise in real yields could be harder to come by.”

“While USD has been resilient in recent weeks, a resolutely accommodative Fed in the face of rising growth and inflation expectations is likely to be negative for the USD over the next 6-12 months. This can be a positive driver for gold, helping it still deliver absolute gains.”

“Technicals are admittedly weak, given the formation of a ‘death cross, which increases the risk of an unwind of stale longs built up over the past year. In terms of momentum, we are in oversold territory; hence, some consolidation is likely near-term. Key supports are at $1765 and $1680-1690.”


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

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD bulls giving up after repeated failures at around 1.1900

EUR/USD ahead of Wall Street’s close despite a better market’s mood. A scarce macroeconomic calendar and upcoming US employment-related data maintain speculative interest side-lined.


GBP/USD: Caution rules as BOE looms

The pair fluctuated accordingly to the market’s sentiment, held between familiar levels. The UK macroeconomic calendar will remain scarce until BOE’s Super Thursday. GBP/USD is neutral in the near-term, unlikely to move far away ahead of BOE.


XAU/USD remains indecisive above $1,800

Gold failed to make a decisive move in either direction on Monday and closed the day virtually unchanged at $1,814. On Tuesday, the XAU/USD pair continues to move up and down in a narrow range as investors wait for the next significant catalyst.

Gold News

Three reasons why Shiba Inu price will quickly drop 45%

Shiba Inu price has trended lower in a descending parallel channel since the May crash, offering only brief opportunities from low probability patterns or setups. 

Read more

Banking profits jump as government actions minimise losses

Stocks are treading water today, as fears around monetary tightening grow thanks to an overnight rate decision from the RBA. Meanwhile, banking stocks in Europe are gaining ground as government measures help minimise losses. 

Read more