Gold Price Analysis: XAU/USD bears eye sub-$1,700 area amid strong yields, US dollar
Gold fades bounce off the lowest since June 2020, easing to $1,711, during the initial Asian session on Thursday. In doing so, the yellow metal takes clues from the recent jump in the US Treasury yields while respecting cautious sentiment ahead of the week’s key events. Bond bears return amid optimism concerning US stimulus and vaccine power, comments from ECB add to the Treasury yield rally.
|Today last price||1711.16|
|Today Daily Change||-22.00|
|Today Daily Change %||-1.27|
|Today daily open||1733.16|
|Previous Daily High||1738.56|
|Previous Daily Low||1707.28|
|Previous Weekly High||1816.07|
|Previous Weekly Low||1717.24|
|Previous Monthly High||1871.9|
|Previous Monthly Low||1717.24|
|Daily Fibonacci 38.2%||1726.61|
|Daily Fibonacci 61.8%||1719.23|
|Daily Pivot Point S1||1714.11|
|Daily Pivot Point S2||1695.05|
|Daily Pivot Point S3||1682.83|
|Daily Pivot Point R1||1745.39|
|Daily Pivot Point R2||1757.61|
|Daily Pivot Point R3||1776.67|
Gold Price Analysis: XAU/USD bounces at $1700 level, but negative bias remains intact
The gold bears are back in control on Wednesday, with spot prices (XAU/USD) resuming their steady decline and posting fresh seven-month lows for the second time this week of just above the $1700 level. The psychological level has proven a strong area of resistance, however, with XAU/USD bouncing back to trade closer to the $1720 mark. Still, on the day spot gold trades with losses of around 1.2% or over $20.
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.