Gold Price News and Forecast: XAU/USD short recovery and continue to bearish in the long-term

Gold downtrend continuing towards 1720 zone

As expected, Gold has made the move lower to 1755 zone. The downtrend is expected to continue towards 1720.

If the market makes a pullback to the 78.6-88.6 zone we should see another leg of selling. We can also see a trend line which adds to the confluence. 1765-60 is the first target but we might see a move lower, possibly next week towards 1720. Watch for the levels as shown on the chart as selling the rally is imo, the best option. Read more...


Gold price analysis: XAU/USD short recovery and continue to bearish in the long-term

Yesterday, the DXY - US Dollar Index, increased sharply from 89.7 to 90.3. This is the strongest and fastest increase in February, while the numbers create a positive outlook for the US economy. On the other hand, in the last two speeches of the President of the US Federal Reserve - J. Powell, he always assured investors, that the US economy is in a recovery period. He will keep waiting for new growths. He also promised to stop monetary easing (through QE packages), stop buying monthly bonds, raise interbank interest rates and control the Yield Curve if the economy grow better in Q3/2021.

Gold dropped sharply from $1795/oz to $1765/oz in New York session, then recover to $1772/oz in Asian session. The dropping sharply yesterday is caused by the moving to keep interest rates unchanged of J. Powell (I mentioned above). Read more...


Gold Price Analysis: XAU/USD bounces off multi-month lows, keeps the red below $1765 level

Gold remained depressed through the first half of the European session, albeit has managed to recover a part of its intraday losses to eight-month lows. The precious metal was last seen trading near the $1764-63 region, down around 0.75% for the day.

From a technical perspective, slightly oversold RSI on the 1-hourly chart seemed to be the only factor that extended some support to the XAU/USD. That said, oscillators on 4-hourly/daily charts are holding in the bearish territory and are still far from being in the oversold zone. This, in turn, favours bearish traders and supports prospects for further weakness. Read more...


Today last price 1759.75
Today Daily Change -9.95
Today Daily Change % -0.56
Today daily open 1769.7
Daily SMA20 1813.05
Daily SMA50 1848.27
Daily SMA100 1860.21
Daily SMA200 1860.3
Previous Daily High 1805.86
Previous Daily Low 1765.56
Previous Weekly High 1827.11
Previous Weekly Low 1760.72
Previous Monthly High 1959.42
Previous Monthly Low 1802.8
Daily Fibonacci 38.2% 1780.95
Daily Fibonacci 61.8% 1790.47
Daily Pivot Point S1 1754.89
Daily Pivot Point S2 1740.07
Daily Pivot Point S3 1714.59
Daily Pivot Point R1 1795.19
Daily Pivot Point R2 1820.67
Daily Pivot Point R3 1835.49


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Get Weekly Crypto trade ideas!  
Empower yourself with the best market insights

Join FXStreet Premium!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD attempts recovery above 1.1950 as USD resumes decline

EUR/USD is attempting a recovery above 1.1950 ahead of the European open, as the US dollar’s rebound falters amid persistent weakness in the Treasury yields. Easing concerns over EU's covid vaccines rollout and dovish Fed expectations underpin the spot.


GBP/USD recaptures 1.3850 as UK’s optimism offsets USD bounce

GBP/USD rises above 1.3850, picking up fresh bids heading into the London open. The cheers the UK’s advantage of faster vaccinations and unlock guidelines to shrug off the US dollar’s bounce off late the lowest since late March.


XAU/USD buyers attack six-week-old resistance line around $1,780

Gold keeps recovery moves from intraday low to print mild gains, picks up bids off-late. Ascending resistance line from early March tests bulls. 50-day SMA, monthly support line could offer bounces in case of pullback, any further weakness will recall the bears.

Gold News

Bitcoin network hash rate drop may not have caused BTC price crash

China’s prominent regions for Bitcoin mining have suffered an electrical grid blackout, causing Bitcoin’s hash rate to decline. Bitcoin price crashed over the weekend, coinciding with the drop of the network’s hash rate.

Read more

S&P 500 Week Ahead: Banks beat the street, COIN booms as funds flow to ETFs

Equity markets continue to remain bolstered from all sides as the macro environment produces strong numbers, earnings continue to smash estimates and inflation concerns take a back seat. Earnings season switches from bank stocks to reopening plays.

Read more