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

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD struggles around 0.7000 amid weaker USD, Australian Wage data miss

AUD/USD struggles around 0.7000 amid weaker USD, Australian Wage data miss

AUD/USD is trading close to 0.7000, consolidating the dismal Australian wage price data-led losses. Softening wage growth data could prompt the RBA to slow down its policy tightening. The US dollar looks to extend the previous sell-off ahead of the FOMC minutes.

AUD/USD News

EUR/USD: 1.0100 remains in sight below 21 DMA, EU GDP, Fed minutes awaited

EUR/USD: 1.0100 remains in sight below 21 DMA, EU GDP, Fed minutes awaited

EUR/USD consolidates the previous rebound amid a cautiously optimistic mood. US dollar takes a breather ahead of Fed minutes, the euro awaits Eurozone GDP. The shared currency remains weighed down by recession fears and gas crises.

EUR/USD News

Gold bears are lurking below $1,785

Gold bears are lurking below $1,785

Gold is flat on the day trading at around $1,776.50 and sticking to a tight range of between $1,773.91 to a high of $1,776.85. The yellow metal fell due to rising Treasury yields weighed on investor appetite. A slightly stronger US dollar was also a headwind for investor demand. 

Gold News

Dogecoin price to provide a buying opportunity before exploding 35%

Dogecoin price to provide a buying opportunity before exploding 35%

Dogecoin price sees a slow decline in bullish momentum as a major hurdle puts an end to its explosive move. A pullback is emerging for DOGE and is likely an opportunity that will allow bulls to recuperate and prepare for the next rally.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures