Gold Price News and Forecast: XAU/USD risks further falls, eyes $1756 downside target

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD risks further falls, eyes $1756 downside target – Confluence Detector

Gold (XAU/USD) nurses losses after hitting fresh seven-month lows at $1761, having the worst start to a year in three decades. The haven demand for the US dollar is back on the rise amid the downbeat market mood, as investors mull the impact of the higher Treasury yields on equity valuations.

The benchmark 10-year Treasury yields hold near yearly highs amid expectations of a bigger US fiscal stimulus, especially in the wake of Treasury Secretary Janet Yellen’s comments.

Gold Price Analysis: Target achieved and fresh bear-cycle lows for 2021

Gold has dropped to 2021 lows and in doing so has completed another chapter of 'gold price analysis'. The support structure on an hourly basis finally caved in, making way for the $1,765 weekly target.

As per the prior analysis of Gold, Gold Price Analysis: Bears need break of current support for $1,765 target, stubborn bulls have finally given way to the weekly target and the price has printed a fresh cycle low for 2021.

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