Is gold gearing up for a major breakout? [Video]
Gold prices have made a strong recovery from March lows, boosted by President Joe Biden's massive $2.3 trillion infrastructure stimulus plan.
Similar to the $1.9 trillion stimulus plan signed only a few weeks ago – Biden’s new package will involve pumping hundreds of billions of dollars into improving the nation’s aging roads, bridges, schools, railways, waterways, airports and cellular network. Read more...
Gold analysis: Continues to surge
During the second part of Tuesday's trading, the yellow metal's price reached the resistance zone just above the 1,745.00 level. The metal immediately bounced off it and retraced back down. By the middle of Wednesday's trading, the price was trading near the 1,740.00 level.
In the meantime, the price was being approached by the support of the 55-hour simple moving average. If the SMA provides enough support for the price to push through the resistance of the zone above 1.745.00, the metal could test the resistance of the March high level near 1,755.00. Read more...
Gold Price Forecast: XAU/USD bulls turn cautious ahead of FOMC minutes
Gold witnessed a modest pullback from the $1,745-46 supply zone during the Asian session on Wednesday and eroded a part of the overnight gains to two-week tops. The US dollar found some support from a modest uptick in the US Treasury bond yields and for now, seems to have stalled its recent corrective slide from four-month tops. This, in turn, was seen as a key factor that exerted some pressure on the dollar-denominated commodity. The safe-haven precious metal was further pressured by the upbeat US economic outlook, thanks to the impressive pace of coronavirus vaccinations and US President Joe Biden's spending plan. Read more...
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