Gold Price Analysis: XAU/USD bulls trying to defend $1,800 amid cautious optimism
Gold keeps $1,800, currently around $1,805, while struggling to defy the previous day’s pullback from a one-week top during the initial Asian session on Wednesday. The yellow metal snapped the two-day winning streak amid the US dollar’s corrective pullback. However, the greenback’s failures to hold the recovery moves seem to favor the gold buyers.
Gold Price Analysis: Bears engaging below firm resistance, targetting $1,750
Between the 61.8% Fibo / 50% mean reversion and the confluence of old support has proven to be a firm resistance. Gold is now firmly back into the hands of the bears targeting $1,750. As per the prior analysis, Gold Price Analysis: Bulls setting up for upside extension to -61.8% Fibo/$1,817/20, the price indeed rallied as according to the analysis, falling short of the target by $1.00 from which conservative bulls cashed in at.
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.
Latest Forex News
Editors’ Picks
AUD/USD: Run-up to 0.8000 slows down near 36-month top amid mixed clues
AUD/USD struggles to keep recovery moves above 0.7879 above 0.7900. Powel matched expectations of reprinting cautious optimism, tried to placate reflation fears. Australia’s Q4 Wage Price Index, risk catalysts in the spotlight.
Gold bulls trying to defend $1,800 amid cautious optimism
Gold keeps $1,800, while struggling to defy the previous day’s pullback from a one-week top during the initial Asian session on Wednesday. The yellow metal snapped the two-day winning streak amid the US dollar’s corrective pullback.
RBNZ Preview: To hold fire, upgrade its economic forecasts
New Zealand’s relative success in combating the coronavirus pandemic has propelled a swift economic recovery. Therefore, the Reserve Bank of New Zealand (RBNZ) could remain in a wait-and-see mode on Wednesday before it announces any adjustments to its monetary policy decision later this year.
Crypto market menaced as it bleeds amid $6 billion liquidations
Cryptocurrencies are gasping for air after corrections occurred across the board. The bloodshed has seen Bitcoin lose over 14% in 24 hours, testing support at $45,000. Ethereum did not escape the freefall, which has led to losses below $1,500.
US Dollar Index: Formidable support is located at 90.00
DXY tests and rebound from the key 90.00 neighbourhood. Further south of this level comes in the 2021 lows at 89.20.