Gold Price News and Forecast: Potential consolidation ahead of further gains – UOB


Gold holds steady above $1770 level, bullish bias remains

Gold extended its sideways consolidative price moves through the mid-European session and remained confined in a narrow trading band, around the $1770 region.

The commodity failed to capitalize on the previous day's strong intraday up move of around $25 dollar and witnessed a modest intraday pullback following an early uptick to the $1775 region earlier during the Asian hours on Monday. Read more...

 

Gold: Potential consolidation ahead of further gains – UOB

"The price actions in spot gold since March have been choppy. However, with monthly ADX rising strongly above the 25 level, spot gold is deemed to be in a long-term up-trend."

"Overbought shorter-term conditions could lead to a period of consolidation first but spot gold is expected to stage another push higher towards (and possibly above) the 8-year peak of $1,795, likely closer to the end of third quarter." Read more...

 

Gold: Long-term inflation expectations lifts prices higher – TDS

"Gold is on the edge of a breakout. Price action continues to lend strength to our view that gold's role is shifting from a safe-haven asset to an inflation-hedge product."

"The entire maturity spectrum of inflation breakevens are still priced below policy objectives. In this context, declining real rates should imminently support gold prices into the $1800s." Read more...

XAU/USD

Overview
Today last price 1769.04
Today Daily Change -2.30
Today Daily Change % -0.13
Today daily open 1771.34
 
Trends
Daily SMA20 1732.05
Daily SMA50 1722.11
Daily SMA100 1667.98
Daily SMA200 1586.78
 
Levels
Previous Daily High 1772.04
Previous Daily Low 1747.59
Previous Weekly High 1779.41
Previous Weekly Low 1742.97
Previous Monthly High 1765.38
Previous Monthly Low 1670.72
Daily Fibonacci 38.2% 1762.7
Daily Fibonacci 61.8% 1756.93
Daily Pivot Point S1 1755.27
Daily Pivot Point S2 1739.21
Daily Pivot Point S3 1730.82
Daily Pivot Point R1 1779.72
Daily Pivot Point R2 1788.11
Daily Pivot Point R3 1804.17

 

 

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