Gold Price Forecast: XAU/USD sees a dead cat bounce, with death cross in play
Gold (XAU/USD) has stalled its three-day decline but struggles to find its feet amid the upbeat market mood. The reflation trade keeps the market mood buoyed on prospects of US stimulus and coronavirus vaccine-driven faster global economic recovery.
The riskier assets such as the Treasury yields are on the rise, weighing negatively on the non-yielding gold. The renewed US-Iran geopolitical tensions fail to attract the gold buyers, as the daily technical chart continues to paint a bleak picture, in absence of fresh economic releases from the US. Read more...
Gold sellers are waiting in the ambush
Gold is still bearish. The market is pretty rangy this week so far, but we expect some volatility today and especially tomorrow before and during the FOMC.
At this point we might be waiting for a gold pullback towards 78.6-88.6 zone to make another short trade. Last week short trades came in good profits and I think the POC zone will be valid again for short sellers. 1855-66 is the zone where sellers are waiting. In the case of rejection we need to watch for 1838 followed by 1811 and 1785. Read more...
Gold Price Analysis: XAU/USD retreats to session lows, around $1820 area
Gold struggled to capitalize on its intraday positive move and quickly retreated to the lower end of its daily trading range, around the $1820-19 region during the early European session.
The offered tone surrounding the US dollar assisted the dollar-denominated commodity to gain some positive traction through the first half of the trading action on Tuesday. However, a combination of factors kept a lid on any strong gains for the XAU/USD, rather prompted some fresh selling at higher levels. Read more...
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