Gold Price News and Forecast: XAU/USD slides back under $1740 in quiet, subdued trade conditions


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.

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XAU/USD

Overview
Today last price 1736.8
Today Daily Change -6.22
Today Daily Change % -0.36
Today daily open 1743.02
 
Trends
Daily SMA20 1727.32
Daily SMA50 1766.33
Daily SMA100 1812.51
Daily SMA200 1859.18
 
Levels
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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