Gold Price News and Forecast: XAU/USD eyes test of 21DMA in $1840s

Gold Price Analysis: XAU/USD’s downside appears cushioned ahead of Yellen’s hearings – Confluence Detector

Having tested the $1800 level, Gold (XAU/USD) extends Monday’s swift recovery ahead of the much-awaited Treasury Secretary nominee Janet Yellen’s Senate hearings. Yellen is set to endorse a bigger coronavirus relief package.

Meanwhile, President-elect Biden will push for the $1.9 trillion stimulus plan once he takes the office on January 20. Expectations of additional fiscal support to fight the pandemic recession continue to bode well for the inflation-hedge, gold. Let’s take a look at how the metal is positioned on the charts.

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Gold Price Analysis: All eyes on the greenback and US yields

Gold prices are trading at $1,838.76 and between a low of $1,836.11 and $1,839.47. Pressured by a relentless correction in the greenback, gold prices have been struggling of late

The US dollar strengthened for a third consecutive day on Monday, reaching a four week high, as risk aversion swept through currency markets, weighing on bullish attempts on the yellow metal.

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EUR/USD: ECB and US Treasury yields to make it or break it

The EUR/USD pair fell to a fresh 2021 low at 1.1892 this week, ending with a handful of pips above this level. The dollar soared across the board following comments from the head of US Federal Reserve Jerome Powell.


GBP/USD: Dollar bulls taking over

The British Pound was among the best performers against the greenback, surging above the 1.4000 level for the first time this week. Soaring US Treasury yields after Powell’s speech sent the dollar skyrocketing. GBP/USD struggling around 1.3900 and at risk of falling further.


Gold still eyes June 2020 lows at $1670 after weekly closing below $1700

Weekly closing below $1700 keeps the XAU/USD sellers hopeful. A bounce towards 50-SMA on 4H cannot be ruled out in the near-term. RSI stays bearish while gold holds within a potential falling wedge.

Gold News

Ethereum price primed for a swift recovery as the network prepares for a major update in July

Ethereum price aims for a significant recovery towards $2,000. A major upgrade scheduled for July intends to fix the problem with gas fees on Ethereum. ETH miners are not happy with the decision.

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US Dollar Index pushes higher to 92.20 on stellar Payrolls

The march north in the greenback remains unabated and trade in fresh 2021 highs beyond the 92.00 hurdle when tracked by the US Dollar Index (DXY).

US Dollar Index News