Gold Price News and Forecast: XAU/USD once again tests 1,750.00

FXStreet Team FXStreet

Gold Price Forecast: XAU/USD lacks directional bias, awaits US Retail Sales for a range breakout

Gold (XAU/USD) returned to the red on Wednesday, although remained confined within the recent trading range, awaiting a strong catalyst for a clear direction. The yellow metal tumbled, as the US Treasury yields embarked upon a steady recovery amid infrastructure stimulus optimism, higher inflation expectations, successful covid vaccine rollouts in the country. However, the extended sell-off in the US dollar and mixed performance on Wall Street indices helped limit the declines in gold. The greenback remains undermined by the tempered expectations of the Fed’s tapering after the latest US CPI report failed to re-ignite fears over rising inflation. Read more...

Gold analysis: Once again tests 1,750.00

The yellow metal found support in the 1,735.00 level and surged. At mid-day on Thursday, the commodity price was testing the resistance zone, which was located just below the 1,750.00 marks.

Note that this is the second attempt being made during this week's trading. In general, the future forecasts still remain upon whether or not the resistance zone holds. In the case of the metal passing the resistance of the 1,750.00 level, the pair could test the March high levels above the 1,755.00 marks. Read more...

Gold Price Analysis: XAU/USD closes in on key $1,750 resistance

The XAU/USD pair closed in the negative territory on Wednesday but didn't have a difficult time reversing its direction on Thursday as US Treasury bond yields continue to drive gold's movements ahead. The benchmark 10-year US T-bond yield, which rose 1.4% on Wednesday, is currently losing 1.6% at 1.613%, helping XAU/USD preserve its bullish momentum.

On the four-hour chart, the Relative Strength Index (RSI) indicator edged higher to 60, suggesting that buyers are trying to remain in control of the price. However, gold lost its traction near $1,750 in the last two trading days and it could have a difficult time gathering bullish momentum unless it manages to make a daily close above that level. The next resistance could be seen at $1,758 (Apr. 8 high). Read more...

XAU/USD

Overview
Today last price	1748.54
Today Daily Change	12.12
Today Daily Change %	0.70
Today daily open	1736.42

Trends
Daily SMA20	1732.26
Daily SMA50	1753.93
Daily SMA100	1805.67
Daily SMA200	1858.03

Levels
Previous Daily High	1749.44
Previous Daily Low	1732.64
Previous Weekly High	1758.74
Previous Weekly Low	1721.34
Previous Monthly High	1759.98
Previous Monthly Low	1676.87
Daily Fibonacci 38.2%	1739.06
Daily Fibonacci 61.8%	1743.02
Daily Pivot Point S1	1729.56
Daily Pivot Point S2	1722.7
Daily Pivot Point S3	1712.76
Daily Pivot Point R1	1746.36
Daily Pivot Point R2	1756.3
Daily Pivot Point R3	1763.16

Author

FXStreet Team

FXStreet

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