Gold Price News and Forecast: XAU/USD – Some downfall is expected after strong uptrend [Video]

Gold: Corrective move still seems to have some room to play out as the negative drift continues [Video]

With Treasury yields rising, gold is on a negative drift, something which is a pretty standard play. How gold sits after the next 48 hours though could be key for the ongoing outlook. We are expecting a decisive move on the back of Fed chair Powell’s speech tomorrow. In the run up to this there has been a sense of consolidation, but within this there is a mild corrective drift too. The past few sessions has seen gold slipping back in a series of small-bodied but negative candlesticks. This is pulling the market back towards the support of an 11 week uptrend which sits at $1905 today. For now, last week’s low at $1911 is intact but the hourly chart shows a pull towards a test of $1906/$1911 support band. The hourly chart also shows that the old basis of support around $1929 has turned into resistance this morning, leaving $1929/$1936 as a near term barrier to gains today. Read More...

Gold: Some downfall is expected after strong uptrend

Overview: From the last couple of days we are expecting that some neutral to downside signal in the pair where the upside momentum is limited to $1961 level and the downside is limited to $1911 level. So based on the ATR we may say that breakout on either side will give us a new buy or sell signal.

The aggressive traders may go for sell but for a very near term target of $1860 and $1820 only. Gold is looking a bit weak in on the daily along with 4 hourly chart. The way bears are reacting it seems like they are approaching the $1860 level and we may see a further confirmation below the $1900 level which is a psychological level i.e. multi year’s resistance level now converted as a strong support level. Read More...

XAU/USD analysis: Pressured by moving averages

Yesterday, the XAU/USD exchange rate traded sideways in the 1,915.00/1,940.00 range. During Wednesday morning, the rate maintained its consolidation.

Given that yellow metal is pressured by the 55– and 100-hour moving averages near 1,930.00, it is likely that some downside potential could prevail in the market in the short run.

In the meantime, note that the exchange rate could gain support from the monthly PP at 1,907.07. Thus, it is likely that the price for gold could continue to consolidate. Read More...