Gold Price News and Forecast: XAU/USD struggles for direction, flat-lined around $1850-55 region

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...