Gold attracted some dip-buying on Wednesday and rallied nearly $20 from daily swing lows, around the $1,770 area. Nothing seems to have changed much – XAU/USD bulls await a sustained strength beyond the $1,800 mark before placing fresh bets, FXStreet’s Haresh Menghani briefs.
XAU/USD continues with its struggle to make it through the $1,800 round-figure mark
“There isn't any major market-moving economic data due for release from the US on Thursday. Hence, it remains to be seen if bulls are able to capitalize on the momentum or the commodity continues with its struggle to make it through the $1,800 round-figure mark.”
“Investors look forward to Friday's closely-watched US monthly employment details for April. The popularly known NFP report may provide clues on when the Fed would scale back its stimulus, which, in turn, should assist investors to determine the next leg of a directional move for the metal.”
“A move beyond the $1,800 mark will set the stage for a further near-term appreciating move and push the commodity to the $1,813-15 intermediate hurdle en-route the $1,845-50 resistance zone. Some follow-through buying has the potential to lift the XAU/USD further towards the $1,872-74 supply zone.”
“Immediate support is now pegged near the $1,782-80 region. This is followed by the overnight swing lows, around the $1,770 area. Failure to defend the mentioned support levels might prompt some technical selling and drag the metal back below the $1,760 level.”
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.