Gold Price News and Forecast: XAU/USD eyes deeper losses below $1700


Gold Price Analysis: XAU/USD turns south once again, eyes $1670 ahead of NFP

Having hit nine-month lows at $1687 earlier this Friday, Gold (XAU/USD) bulls are struggling to extend the recovery above the $1700 level.

Gold prices have entered a phase of consolidation following a failure to find acceptance above the latter on a couple of occasions. Thus, XAU/USD carved out a pennant pattern on the hourly sticks.

An hourly closing below the rising trendline support at $1691 could validate a pennant breakdown, opening floors for a test of $1674/72 levels, which is the confluence of the pattern target and the June 2020 low. Read more...

XAUUSD  

Gold Price Analysis: XAU/USD eyes deeper losses below $1700

Gold (XAU/USD) holds the lower ground below the $1700 level, as Fed Chair Jerome Powell’s dismissal of the bond market turmoil triggered a fresh sell-off in the Treasuries, which drove the yields higher. The downside appears more compelling for XAU/USD as traders await US Nonfarm Payrolls and stimulus news for fresh impulse, FXStreet’s Dhwani Mehta reports.

“Heading into the critical US NFP release, gold looks vulnerable, as the dollar holds firmer in tandem with the yields. If the headline NFP figures disappoint, the risk-off action in the global equities could intensify, bolstering the haven demand for the greenback, which could cause more pain for gold. The US economy is expected to add 182K jobs in February vs. the previous +49K figure. Also, the updates on the US $1.9 trillion stimulus will be closely followed as its nears approval by the Senate.” Read more...

Gold Price Analysis: XAU/USD ticks higher to $1700 neighbourhood, lacks follow-through

Gold reversed an Asian session dip to near nine-month lows and was last seen hovering near the top end of its daily trading range, around the $1700 mark.

The precious metal prolonged its recent bearish trajectory and witnessed some selling during the early part of the trading action on the last day of the week. Some follow-through uptick in the US Treasury bond yields turned out to be one of the key factors that exerted pressure on the non-yielding yellow metal, though oversold conditions helped limit any further losses. Read more...

XAU/USD

Overview
Today last price 1697.84
Today Daily Change 0.36
Today Daily Change % 0.02
Today daily open 1697.48
 
Trends
Daily SMA20 1784.67
Daily SMA50 1832.77
Daily SMA100 1850.62
Daily SMA200 1860.27
 
Levels
Previous Daily High 1723.27
Previous Daily Low 1690.58
Previous Weekly High 1816.07
Previous Weekly Low 1717.24
Previous Monthly High 1871.9
Previous Monthly Low 1717.24
Daily Fibonacci 38.2% 1703.07
Daily Fibonacci 61.8% 1710.78
Daily Pivot Point S1 1684.28
Daily Pivot Point S2 1671.09
Daily Pivot Point S3 1651.59
Daily Pivot Point R1 1716.97
Daily Pivot Point R2 1736.47
Daily Pivot Point R3 1749.66

 

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.

Feed news

Get Weekly Crypto trade ideas!  
Empower yourself with the best market insights

Join FXStreet Premium!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD consolidates above 1.2000 as USD bulls take a breather

EUR/USD is in downside consolidation above 1.2000 amid risk-off mood. The US dollar clings to overnight recovery gains while the yields steady. J&J’s covid vaccine news fails to cheer the euro amid rising infections globally.

EUR/USD News

GBP/USD remains pressured below 1.3950 amid mixed UK data

GBP/USD holds lower ground below 1.3950, extending the pullback from seven-week highs. The US dollar’s strength, Brexit jitters and covid woes supersede the upbeat UK jobs data and re-opening optimism. UK CPI misses estimates with 0.7% in March.

GBP/USD News

Gold likely to face stiff resistance near $1795-$1800, focus on yields

Gold (XAU/USD) rebounded on Tuesday as the US Treasury yields tumbled alongside global stocks. Surging covid infections globally brought a reality check into the markets and triggered a fresh risk-aversion wave.

Gold News

ETH price eyes all-time highs as ETFs receive approval in Canada

Canada’s Ontario Securities Commission approved three Ethereum ETFs on April 20. This move comes after the recently launched Bitcoin ETF surpassed $1 billion in AUM. Ethereum price looks to surge 15% to retest recently set up highs around $2,548.

Read more

Markets tumble as covid fears overshadow vaccination drive

European markets have been hit hard, with rising global Covid cases serving as a reminder of how mutations could derail the recovery. Meanwhile, improved jobs data has helped the pound, but comes to the detriment of the FTSE 100. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures