Gold Price News and Forecast: XAU/USD recovers on Thursday

FXStreet Team FXStreet

Gold Price Forecast: XAU/USD forms a double-bottom near $1677-76 region, March lows

Gold survived the first test of YTD lows touched on March 8 and staged a goodish rebound on Wednesday, snapping two days of the losing streak. The yield on the benchmark 10-year US government bond remained below 14-month tops, or levels beyond the 1.75% threshold touched in the previous session and prompted traders to take some profits off their US dollar bullish positions. This, in turn, was seen as a key factor that extended some support to the non-yielding yellow metal. Apart from this, a cautious mood around the equity markets further benefitted the safe-haven XAU/USD.

The combination of factors pushed the precious metal back above the $1,700 mark, though the recovery lacked any strong bullish conviction. Investors remained hopeful about the prospects for a relatively faster US economic recovery amid the impressive pace of coronavirus vaccinations and US President Joe Biden's spending plan. Read more...

Gold analysis: Recovers on Thursday

The support of the zone near the 1,680.00 level eventually caused a surge. It resulted in a surge, which by the middle of Thursday's trading hours had reached the 1,720.00 level. In the meantime, note the resistance cluster above the 1,721.00 level. The March 23 to 30 low level zone together with the 200-hour simple moving average had turned into a resistance.

If the resistance zone does not hold, the commodity price could reach for the resistance of the zone near 1,745.00, which kept the metal down during the middle of March. Read more...

Gold Price Analysis: XAU/USD needs to recapture 200-HMA at $1721 to unleash further upside

Gold (XAU/USD) is holding the higher ground above the $1700 level, as the recovery from multi-week lows extends into the second day on Thursday. Adding credence to the ongoing upbeat momentum, a bull flag breakout got confirmed on the hourly chart earlier in the Asian session.

The upside break prompted the XAU bulls to regain a strong foothold above the downward-sloping 100-hourly moving average (HMA) at $1709. The next critical barrier for the buyers awaits at $1721, which is the horizontal 200-HMA. Only a sustained move above the latter could unleash additional recovery gains. Read more...

XAU/USD

Overview
Today last price	1713.7
Today Daily Change	6.06
Today Daily Change %	0.35
Today daily open	1707.64

Trends
Daily SMA20	1721.11
Daily SMA50	1773.9
Daily SMA100	1817.02
Daily SMA200	1859.72

Levels
Previous Daily High	1715.33
Previous Daily Low	1677.98
Previous Weekly High	1747.12
Previous Weekly Low	1721.69
Previous Monthly High	1759.98
Previous Monthly Low	1676.87
Daily Fibonacci 38.2%	1701.06
Daily Fibonacci 61.8%	1692.25
Daily Pivot Point S1	1685.3
Daily Pivot Point S2	1662.97
Daily Pivot Point S3	1647.95
Daily Pivot Point R1	1722.65
Daily Pivot Point R2	1737.67
Daily Pivot Point R3	1760

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

AUD/USD edges higher as hot CPI inflation and hawkish RBA lift rate hike bets

The AUD/USD pair gathers strength to near 0.7035 during the Asian trading hours on Friday. The Australian Dollar edges higher against the US Dollar as hotter Australian CPI inflation data has bolstered expectations of Reserve Bank of Australia rate hikes.

USD/JPY meets support near 157.00

USD/JPY retreats for the third consecutive day on Friday, revisiting the 157.00 region before attempting some recovery as investors continue to assess the latest BoJ meeting, where the central bank left rates unchanged, as widely anticipated.

Gold sinks to fresh yearly lows despite risk-off mood as Fed rate hike bets weigh

Gold slips to fresh year-to-date lows on Friday. The metal struggles despite a risk-off mood across markets, as expectations of further Federal Reserve (Fed) interest rate hikes continue to dominate price action, leaving Gold on track to end the month in negative territory.

Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations

Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.

BoJ recap: A pause for now... but Japan has entered a new inflation phase

The Bank of Japan left its short-term policy rate unchanged at 1.25% but delivered a distinctly hawkish message on the risk of an inflation overshoot. The decision passed by 8-1, with board member Takata dissenting in favour of an increase to 1.5%, while Governor Kazuo Ueda stressed that the Bank would continue adjusting policy as needed.

The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.