Gold Price Analysis: XAU/USD slides back under $1740 in quiet, subdued trade conditions
It's been a fairly subdued day for spot gold prices (XAU/USD), with the precious metal failing to hold above $1740 although continuing to trade comfortably above earlier session lows just above the $1730 level. The most immediate levels of support and resistance that traders should take note of is the $1730 to $1745 range that gold prices have ranged between over the last two days. A break above this range could open the door to a move towards mid-March highs close to $1756, while a break below this area could see the precious metals drop back to its 21-day moving average of around $1725.
|Today last price||1736.8|
|Today Daily Change||-6.22|
|Today Daily Change %||-0.36|
|Today daily open||1743.02|
|Previous Daily High||1745.51|
|Previous Daily Low||1727.3|
|Previous Weekly High||1733.24|
|Previous Weekly Low||1677.98|
|Previous Monthly High||1759.98|
|Previous Monthly Low||1676.87|
|Daily Fibonacci 38.2%||1738.55|
|Daily Fibonacci 61.8%||1734.26|
|Daily Pivot Point S1||1731.71|
|Daily Pivot Point S2||1720.4|
|Daily Pivot Point S3||1713.5|
|Daily Pivot Point R1||1749.92|
|Daily Pivot Point R2||1756.82|
|Daily Pivot Point R3||1768.13|
Gold to see further downside pressure while palladium stands out
Strategists at Capital Economics continue to expect the vaccine rollout to enable economies to re-open later this year, which should bolster riskier assets and weigh further on the price of gold. What’s more, the palladium price surged in March, and it will continue to outperform the price of platinum over the next few years.
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