Gold Price News and Forecast: XAU/USD teasing a rectangle breakout, $1750 in sight

Gold Price Analysis: XAU/USD teasing a rectangle breakout, $1750 in sight

Gold prices (XAU/USD) are trading with sizeable gains in Monday’s thin Asian market conditions, trading near a new weekly high of $1740.74. The extension of last week’s rally in the yellow metal is mainly driven by the sell-off in the US dollar across the board, in the wake of US-China trade war relief and escalating US riots.

Friday’s US President Donald Trump’s speech on China’s forceful national security legislation on Hong Kong was softer-than-expected and did not target the trade relationship between the two countries. Therefore, the risk appetite returned and killed the haven demand for the greenback, which in turn benefitted gold.

Read more ...

Asia FX & Gold: Rioting in US cities highlights investors’ psychological struggle

Geopolitical risk remains supportive amid a plethora of bullish for gold themes while anarchy on the streets in the US could dent the nascent reopening recovery. But gold investors are also taking note that early reopening states are seeing a rebound in new cases. On May 30, California increased 3273 claims, the highest one day increase ever. Texas increased in 1714 cases. On the margin, the US three-day growth of infection numbers increased to 4.2%, the highest in a week (vs. 3.4% three-days ago).

Read more ...

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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD hovers around one-month low amid cautious markets

EUR/USD has been edging lower toward 1.2050, consolidating Friday's losses as the market mood is mixed. Upbeat Chinese GDP and US stimulus are cheering markets while Italy's political crisis and the depressing coronavirus picture is weighing on sentiment. 


GBP/USD fails to recover despite accelerated UK vaccine campaign

GBP/USD remains below 1.36, shrugging off the expansion of Britain's vaccination campaign. Post-Brexit talks on financial services continue while tension is mounting ahead of US President-elect Biden's inauguration. 


Gold struggles to capitalize on intraday bounce, up little around $1930-32

Gold struggled to capitalize on its goodish intraday bounce of nearly $40 and was last seen trading with modest gains, around the $1830-32 region.

Gold news

Forex Today: Dollar holds onto gains, shrugging off upbeat Chinese GDP, vaccine news eyed

Markets are mixed on "Blue Monday" with the dollar clinging to gains related to risk aversion, while upbeat Chinese growth partially offsets the gloom.Tension is mounting ahead of President-elect Biden's inauguration.

Read more

US Dollar Index: Immediately to the upside comes 91.00

DXY extends the march north and already trades at shouting distance from the 91.00 barrier, or new 2021 highs.

US Dollar Index News