Gold Price News and Forecast: XAU/USD under pressure in Asia after Friday's Doji

FXStreet Team FXStreet

Gold Price Analysis: Under pressure in Asia after Friday's Doji

Gold is trading near $1,722 per ounce, representing a 0.30% drop on the day, having hit a high of $1,729 during the early Asian trading hours. The metal is flashing red, having carved out a Doji candle on Friday, a sign of indecision in the market place.

A bearish Doji reversal would be confirmed if the yellow metal closes Monday under Friday's low of $1,710. That would also confirm a head-and-shoulders breakdown on the hourly chart. A bearish close, if confirmed, would open the doors for a drop to $1,658 - the low of the long-tailed candle created on April 21.

Market Outlook: Focus turns to Central Banks with decisions and data due

A couple of critical technical supports were breached last week – $1603 XAUEUR and $1725 XAUUSD – as the current leg higher came on the back of the gloomy EU and US data, which is bound to get worse. And the bounce was exacerbated by the situation in Europe; the talk of potential further government spending under an EU budget seems to be driving XAUEUR back to the all-time highs around 1600.

AUD/USD advances modestly, hovers around 0.7050

AUD/USD reverses part of Friday’s sharp decline and gyrates around the 0.7050 region ahead of the opening bell in Asia. The pair’s modest recovery comes amid humble losses in the Greenback, always amid the steady uncertainty on the geopolitical front. Moving forward, Westpac’s Consumer Confidence measure will be the salient release on Tuesday.

USD/JPY holds higher ground toward 160.50 despite 'Yentervention' fears

USD/JPY holds higher ground toward 160.50 in Monday's Asian trading, despite intervention fears. Japan’s revised GDP print, which confirmed that the economy lost momentum in the first quarter, weighs on the Japanese Yen. Meanwhile, Friday's upbeat US NFP report and fresh Israel-Iran attacks favor the US Dollar bulls, underpinning the currency pair.

Gold faces initial resistance near $4,350

Gold manages to reclaim the $4,300 mark per troy ounce and above on Monday. The yellow metal’s small uptick comes on the back of modest losses in the US Dollar, while traders continue to follow geopolitical events in the Middle East and the likelihood of a tighter-for-longer Fed.

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