Gold Price News and Forecast: XAU/USD’s fate hinges on Treasury yields, Powell’s speech


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

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

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...

XAU/USD

Overview
Today last price 1713.99
Today Daily Change -0.37
Today Daily Change % -0.02
Today daily open 1714.36
 
Trends
Daily SMA20 1789.47
Daily SMA50 1836.41
Daily SMA100 1852.73
Daily SMA200 1860.38
 
Levels
Previous Daily High 1740.6
Previous Daily Low 1702
Previous Weekly High 1816.07
Previous Weekly Low 1717.24
Previous Monthly High 1871.9
Previous Monthly Low 1717.24
Daily Fibonacci 38.2% 1716.75
Daily Fibonacci 61.8% 1725.85
Daily Pivot Point S1 1697.37
Daily Pivot Point S2 1680.39
Daily Pivot Point S3 1658.77
Daily Pivot Point R1 1735.97
Daily Pivot Point R2 1757.59
Daily Pivot Point R3 1774.57

 

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