Gold Price News and Forecast: XAU/USD retreats after approaching $1750

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD unable to break key daily support

At the time of writing, XAU/USD is trading at $1,746.92 having travelled between a low of $1,723.79 and a high of $1,749.00. It has been a USD story to start the week with the price falling to three-week lows on Tuesday after data showed inflation making strong gains in March. The Consumer Price Index jumped 0.6% last month, the largest gain since August 2012, after rising 0.4% in February, the Labor Department said on Tuesday.

Gold Price Analysis: XAU/USD retreats after approaching $1750

Gold prices are on a volatile session after bouncing from a one-week low to a two-day high in a few hours. On European hours, XAU/USD bottomed at $1723/oz, the lowest since April 4, and recently reached $1749. As of writing, the metal is hovering around $1740, up ten dollars for the day.

The sharp rebound started following US inflation data. The higher-than-expected reading weakened the US dollar and pushed US yields to the downside. The 10-year stands at 1.65%, far from the 1.70% high. In Wall Street, stocks are mixed.

XAU/USD

Overview
Today last price	1745.21
Today Daily Change	12.59
Today Daily Change %	0.73
Today daily open	1732.62

Trends
Daily SMA20	1731.34
Daily SMA50	1758.19
Daily SMA100	1807.29
Daily SMA200	1858.52

Levels
Previous Daily High	1745.1
Previous Daily Low	1727.42
Previous Weekly High	1758.74
Previous Weekly Low	1721.34
Previous Monthly High	1759.98
Previous Monthly Low	1676.87
Daily Fibonacci 38.2%	1734.17
Daily Fibonacci 61.8%	1738.35
Daily Pivot Point S1	1724.99
Daily Pivot Point S2	1717.37
Daily Pivot Point S3	1707.31
Daily Pivot Point R1	1742.67
Daily Pivot Point R2	1752.73
Daily Pivot Point R3	1760.35

Author

FXStreet Team

FXStreet

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