Gold Price News and Forecast: XAU/USD buyers beware of stubborn USD bulls


Gold Price Analysis: XAU/USD boosted as markets bet on inflation

Spot gold prices (XAU/USD) rallied on the first trading day of the second trading week of the month; having hit lows just to the south of the $1810 mark during the Asia Pacific session, gold prices saw a substantial pickup during the European session and into US hours, rallying to highs of just to the South of the $1840 mark. In recent trade, the precious metal has slipped back towards $1830, up just under 1.0% or around $17 on the day.

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XAG/USD

Overview
Today last price

27.41

Today Daily Change 0.07
Today Daily Change % 0.26
Today daily open 27.34
 
Trends
Daily SMA20 26.02
Daily SMA50 25.67
Daily SMA100 24.85
Daily SMA200 23.16
 
Levels
Previous Daily High 27.58
Previous Daily Low 26.85
Previous Weekly High 30.07
Previous Weekly Low 25.9
Previous Monthly High 27.92
Previous Monthly Low 24.19
Daily Fibonacci 38.2% 27.3
Daily Fibonacci 61.8% 27.13
Daily Pivot Point S1 26.93
Daily Pivot Point S2 26.53
Daily Pivot Point S3 26.2
Daily Pivot Point R1 27.66
Daily Pivot Point R2 27.98
Daily Pivot Point R3 28.39

 

Gold Price Analysis: Buyers beware of stubborn USD bulls

As per the prior analysis, Gold Price Analysis: XAU/USD correction on the cards towards $1,830, the market has indeed moved into the prior support area. At the time of writing, gold is trading at $1,836.00 and up some 1.27% on the day, so far, with the US dollar on the back foot to start the week following last week's disappointment in the US Nonfarm Payrolls economic event.

January Nonfarm Payrolls rose a disappointing 49k and December’s Job Losses were revised to -227k (-140k). Precious metals prices are firmer as inflation expectations continue to underpin the market and weigh on the greenback.

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