Gold Price News and Forecast: XAU/USD struggles for direction, flat-lined below $1740 level

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD chopping either side of its 21DMA in mid-$1730s

Spot gold (XAU/USD) prices have been choppy and recently fell back towards this week’s lows around $1730, with prices having been buffeted by the conflicting forces of falling US bond yields against a strengthening US dollar. Spot prices thus continue to trade well within recent ranges; to the upside, last week’s post-FOMC highs at just under $1756 is the key area of resistance to watch, whilst last week’s low at around $1720 is the main area of support to take note of. Until the US dollar and US bond yields can start moving in sync with each other again, god might well continue to chop either side of its 21-day moving average at $1736.50. Read more...

Gold Price Analysis: XAU/USD struggles for direction, flat-lined below $1740 level

Gold reversed an intraday dip to the $1731 region and edged back closer to daily tops during the early European session, albeit lacked follow-through. The commodity was last seen trading just below the $1740 level, nearly unchanged for the day.

Investors turned cautious after the US, Canada, UK and EU –" in a rare, coordinated move –" imposed sanctions on Chinese officials over human rights violations in Xinjiang. This was evident from a weaker trading sentiment around the equity markets, which, in turn, extended some support to the safe-haven. Read more...

Gold Price Analysis: XAU/USD to see selling pressure once more beyond the quarter-end –" OCBC

Gold managed to eke out gains last week and is now trading at its highest month to-date. Based on current levels of Treasury yields and the dollar, strategists at OCBC Bank view XAU/USD as too rich and trading above the upper band of its fair value range.

“The yellow metal is currently supported by a rotation of funds into haven assets, but that is counteracted by the continued rise in Treasury yields and the dollar. If the latter two continue to rise, gold is likely to be pushed back down, especially after the conclusion of quarter-end.” Read more...

XAU/USD

Overview
Today last price	1731.14
Today Daily Change	-7.97
Today Daily Change %	-0.46
Today daily open	1739.11

Trends
Daily SMA20	1733.53
Daily SMA50	1791.87
Daily SMA100	1829.9
Daily SMA200	1860.61

Levels
Previous Daily High	1747.12
Previous Daily Low	1727.42
Previous Weekly High	1755.59
Previous Weekly Low	1719.3
Previous Monthly High	1871.9
Previous Monthly Low	1717.24
Daily Fibonacci 38.2%	1734.95
Daily Fibonacci 61.8%	1739.59
Daily Pivot Point S1	1728.65
Daily Pivot Point S2	1718.18
Daily Pivot Point S3	1708.95
Daily Pivot Point R1	1748.35
Daily Pivot Point R2	1757.58
Daily Pivot Point R3	1768.05

Author

FXStreet Team

FXStreet

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