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...

XAU/USD

Overview
Today last price 1854.68
Today Daily Change -1.24
Today Daily Change % -0.07
Today daily open 1855.92
 
Trends
Daily SMA20 1885.9
Daily SMA50 1866.92
Daily SMA100 1890.73
Daily SMA200 1841.42
 
Levels
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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