Gold Price Analysis: XAU/USD attempts to recover with resistance seen at $1906 – Commerzbank
Gold is attempting to recover off trendline support at $1819. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes that the yellow metal will face initial resistance at $1906.
Key quotes: "Gold sold off sharply last week all the way back to the 10-month uptrend currently at $1819. This is currently holding the downside and the market is attempting to recover." Read more...
Gold Price Analysis: XAU/USD struggles for direction, flat-lined around $1850-55 region
Gold seesawed between tepid gains/minor losses through the first half of the European session and remained confined in the previous session's trading range. The commodity was last seen hovering around the $1855-56 region, nearly unchanged for the day.
A combination of diverging forces failed to provide any meaningful impetus to the precious metal, instead led to a subdued/range-bound price action on Wednesday. The ongoing pullback in the US Treasury bond yields kept the US dollar bulls on the defensive. This was seen as a key factor lending some support to the dollar-denominated commodity. Read more...
Gold seems undervalued as yields should trade lower – OCBC
XAU/USD hit a high of $1950/oz at the start of last week, yet ended the week at $1850/oz. Rising Treasury yields could continue to pressure gold lower this week but strategists at OCBC Bank are not convinced yields should be trading at current levels in such a macro environment.
Key quotes: "We remain unconvinced that TYs should be trading at such elevated levels and expect monetary intervention from the Fed should this persist, possibly in the form of a WAM extension in its QE program." Read more...
|Today last price||1854.68|
|Today Daily Change||-1.24|
|Today Daily Change %||-0.07|
|Today daily open||1855.92|
|Previous Daily High||1863.83|
|Previous Daily Low||1836.74|
|Previous Weekly High||1959.42|
|Previous Weekly Low||1828.27|
|Previous Monthly High||1906.87|
|Previous Monthly Low||1775.52|
|Daily Fibonacci 38.2%||1853.48|
|Daily Fibonacci 61.8%||1847.09|
|Daily Pivot Point S1||1840.5|
|Daily Pivot Point S2||1825.07|
|Daily Pivot Point S3||1813.41|
|Daily Pivot Point R1||1867.59|
|Daily Pivot Point R2||1879.25|
|Daily Pivot Point R3||1894.68|
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