Gold Price News and Forecast: XAU/USD looks to retest $1730 as USD holds firmer with yields


Gold Price Analysis: XAU/USD consolidated around $1,735 level, Powell’s speech awaited

Gold remained depressed through the Asian session on Thursday, albeit lacked any strong follow-through selling. The commodity was last seen hovering around the $1,735 region, above the overnight swing lows.

The precious metal stalled its intraday retracement slide from the $1,745-46 supply zone and managed to find some support near the $1,730 area on Wednesday. Minutes from the latest FOMC meeting held on March 16-17 confirmed that the central bank is not rush to hike rates. This was seen as a key factor that extended some support to the non-yielding yellow metal.

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XAU/USD

Overview
Today last price 1738.31
Today Daily Change 0.51
Today Daily Change % 0.03
Today daily open 1737.8
 
Trends
Daily SMA20 1728.4
Daily SMA50 1764.06
Daily SMA100 1811.07
Daily SMA200 1858.97
 
Levels
Previous Daily High 1744.42
Previous Daily Low 1730.7
Previous Weekly High 1733.24
Previous Weekly Low 1677.98
Previous Monthly High 1759.98
Previous Monthly Low 1676.87
Daily Fibonacci 38.2% 1735.94
Daily Fibonacci 61.8% 1739.18
Daily Pivot Point S1 1730.86
Daily Pivot Point S2 1723.92
Daily Pivot Point S3 1717.14
Daily Pivot Point R1 1744.58
Daily Pivot Point R2 1751.36
Daily Pivot Point R3 1758.3

 

Gold Price Analysis: XAU/USD looks to retest $1730 as USD holds firmer with yields

Having faced rejection above $1740 on several occasions, Gold (XAU/USD) lost ground on Wednesday, now heading towards $1730 amid higher US dollar as well as Treasury yields.

Gold remains on the defensive, as the greenback holds the higher ground amid a tepid risk tone, as Treasury yields resume its uptrend on hopes of President Joe Biden’s $2.25 trillion infrastructure plan making it through Congress.

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