Gold analysis: Remains above 1,700.00
Instead of testing the support of the 1,700.00 level the price for gold began to trade sideways even before it was reached. Since the middle of Wednesday's GMT trading hours, the price has been fluctuating between 1,710.00 and 1,720.00. On Thursday, the bullion was being approached by the 55 and 100-hour simple moving average.
In the near term future, the price could be pushed down by the 55-hour simple moving average. In this case scenario the price would eventually test the support of the 1,700.00 level. Read more...
Gold Price Forecast: XAU/USD’s fate hinges on Treasury yields, Powell’s speech
Gold (XAU/USD) reached fresh nine-month lows at $1702 amid a renewed uptick in the US Treasury yields, as the bond market turmoil resumed on Wednesday. Gold managed to recover some ground and finished the day at $1714, still losing significantly on a daily basis. The latest remarks from Chicago Fed President Charles Evans, citing that the recent rise in yields signaled optimism on the economic outlook, powered the latest leg up in the yields. Meanwhile, upbeat US ISM Services PMI outweighed the sluggish ADP jobs report, boosting the Treasury yields along with the greenback.
As risk-aversion continues to remain the main theme so far this Thursday, gold bulls are licking their bulls while attempting a tepid recovery. The surge in Treasury yields led to a sharp sell-off in the global stocks, as investors remain worried about a potential overheating of the economy. Read more...
Gold Price Analysis: XAU/USD bears turn cautious near descending channel support
Gold struggled to capitalize its modest intraday recovery gains, instead met with some fresh supply near the $1721 region. The commodity refreshed daily lows, around $1707-06 region in the last hour and remained well within the striking distance of nine-month lows touched on Wednesday.
The US dollar buying picked up pace since the early European session, which, in turn, was seen as a key factor exerting downward pressure on the dollar-denominated commodity. A softer risk tone around the equity markets and the US bond yields might help limit losses for the XAU/USD. Read more...
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