Gold Price News and Forecast: XAU/USD tests monthly R1 [Video]

FXStreet Team FXStreet

Gold: Can the bulls build support above 1744? [Video]

If last week was all about the breakout, it would appear that this week is all about consolidating the move. Since the original March rally tailed off in mid-April, it has effectively taken more than two months for the bulls to make their next move. However, with several false upside dawns in that time, perhaps it is understandable that the market is taking this breakout with caution. We are also cautious with our positive outlook on gold. Holding above $1744 will now be a key gauge as to the outlook of the market. This breakout above $1764 (the old May high) has been consolidated in recent sessions, but the signs are encouraging for the bulls. Read More...

XAU/USD analysis: Tests monthly R1

Yesterday, the XAU/USD exchange rate tried to exceed the monthly R1 at 1,773.62. During Tuesday morning, the continued to test the given resistance.

It is likely that some upside potential could prevail in the market, as yellow metal could gain support from the 55– and 100-hour SMAs near 1,768.00. In this case the rate could exceed the 1,780.00 mark. Read More...

Gold consolidates in a range, around $1770 region

Gold extended its sideways consolidative price moves and remained confined in a narrow trading band, just below the $1775 level.

A combination of diverging forces failed to provide any meaningful impetus to the commodity and led to a subdued/range-bound trading action for the second consecutive session on Tuesday. Concerns about rising coronavirus cases globally and fading hopes of a sharp V-shaped global economic recovery continued benefitting the precious metal's safe-haven status. Read More...

XAU/USD

Overview
Today last price	1770.46
Today Daily Change	-2.10
Today Daily Change %	-0.12
Today daily open	1772.56

Trends
Daily SMA20	1733.7
Daily SMA50	1723.64
Daily SMA100	1670
Daily SMA200	1588.06

Levels
Previous Daily High	1776.13
Previous Daily Low	1765.8
Previous Weekly High	1779.41
Previous Weekly Low	1742.97
Previous Monthly High	1765.38
Previous Monthly Low	1670.72
Daily Fibonacci 38.2%	1772.18
Daily Fibonacci 61.8%	1769.75
Daily Pivot Point S1	1766.86
Daily Pivot Point S2	1761.17
Daily Pivot Point S3	1756.53
Daily Pivot Point R1	1777.19
Daily Pivot Point R2	1781.83
Daily Pivot Point R3	1787.52

Author

FXStreet Team

FXStreet

EUR/USD looks to stabilize near 1.1600 as focus shifts to US data

EUR/USD is looking to stabilize near 1.1600 in the European session on Wednesday as traders breathe a sigh of relief before the top-tier US ADP jobs and ISM Services PMI data. A pause in the US Dollar uptrend helps the pair's recovery, but surging energy prices due to the Iran war will likely remain a drag.

GBP/USD stays weak near 1.3350 as USD preserves gains

GBP/USD stays in the red below 1.3350 in the European session on Wednesday. Escalating conflict in the Middle East keeps the "flight to safety" theme intact, supporting the US Dollar against the Pound Sterling. Traders will take more cues from the US ADP Employment and ISM Services Purchasing Managers Index reports, which are due later on Wednesday.

Gold retains positive bias amid sustained safe-haven flows and modest USD pullback

Gold maintains its offered tone through the first half of the European session, though it lacks follow-through and remains below the $5,200 mark. Investors remain concerned about a prolonged conflict in the Middle East and its impact on the global economy amid an already uncertain environment.

ADP Employment Report set to signal stronger February jobs growth, little effect on Fed outlook

The Automatic Data Processing (ADP) Research Institute will release its monthly report on private-sector job creation for February on Wednesday. The so-called ADP Employment Change report is expected to show that the United States private sector added 50K new positions in the month, following the 22K gained in January.

Asian stocks fall as South Korea’s KOSPI slumps over 10%

Asian equities drop on Middle East tensions; the MSCI Asia Pacific Index falls up to 4%. South Korea’s KOSPI fell 10.71% near 5,170, with the Korean Won weakened past 1,500 per dollar.

Solana Price Forecast: SOL consolidation near resistance as ETF inflows offer mild support

Solana price is facing slight rejection as it approaches the upper boundary of the consolidation range at around $88 on Wednesday. Institutional demand is strengthening as spot Exchange Traded Funds recorded two consecutive inflows so far this week.