Gold Price News and Forecast: Fitch raises 2021 XAU/USD price forecast from 1400 to 1600


Gold Price Forecast: XAU/USD remains at the mercy of US bond yields/USD price dynamics

Gold staged a goodish rebound from eight-month lows touched earlier on Tuesday and finally settled with modest gains for the first time in six sessions. Given that the recent violent selloff in the US bond market has eased, slightly oversold conditions on short-term charts turned out to be one of the key factors that prompted some short-covering around the non-yielding yellow metal.

The US Treasury bond yields have been a key focal point in recent weeks amid the prospects for a faster US economic recovery from the pandemic. The upbeat US economic outlook was supported by the impressive pace of COVID-19 vaccinations and the progress on the US President Joe Biden's proposed $1.9 trillion relief package. The reflation trade forced investors to price in a possible uptick in inflation and raised doubts that the Fed would retain ultra-low interest rates for a longer period. Read more...

xauusd

Gold Price Analysis: Fitch raises 2021 XAU/USD price forecast from $1400 to $1600

The US-based ratings agency, Fitch Ratings, announced upward revisions to its gold price forecast for 2021 and 2022, in its updated outlook.

Key takeaways: "Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from returning demand while the supply response remains slow and inventories are running low.” “Fitch has increased its price forecast for 2021 from $1,400 to $1,600 an ounce.“ Read more...

Gold Price Analysis: XAU/USD slides below $1730 level, erases Tuesday’s modest gains

Gold witnessed some selling during the early European session and refreshed daily lows, around the $1727 region in the last hour.

The precious metal failed to capitalize on the previous day's goodish rebound from multi-month lows, instead met with some fresh supply on Wednesday and was pressured by a combination of factors. The upbeat global economic outlook remained supportive of the underlying bullish tone in the financial market. This was evident from a fresh leg up in the equity markets, which undermined demand for the safe-haven XAU/USD. Read more...

XAU/USD

Overview
Today last price 1726.57
Today Daily Change -6.59
Today Daily Change % -0.38
Today daily open 1733.16
 
Trends
Daily SMA20 1795.4
Daily SMA50 1839.57
Daily SMA100 1854.61
Daily SMA200 1860.36
 
Levels
Previous Daily High 1738.56
Previous Daily Low 1707.28
Previous Weekly High 1816.07
Previous Weekly Low 1717.24
Previous Monthly High 1871.9
Previous Monthly Low 1717.24
Daily Fibonacci 38.2% 1726.61
Daily Fibonacci 61.8% 1719.23
Daily Pivot Point S1 1714.11
Daily Pivot Point S2 1695.05
Daily Pivot Point S3 1682.83
Daily Pivot Point R1 1745.39
Daily Pivot Point R2 1757.61
Daily Pivot Point R3 1776.67

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