Gold gains are likely to be limited with first resistance at 1784/85
Gold Spot collapsed again towards the next downside target of 1763/60 but held 1point above. There’s no buy signal but we are so severely oversold that we need totrade sideways.
Gold gains are likely to be limited with first resistance at 1784/85 (in fact we toppedexactly here over night) but above yesterday’s high at 1789 meets a sellingopportunity at 1794/98 with stops above 1803. A break higher targets 1810/14. Read more...
Gold Price Forecast: XAU/USD’s recovery appears capped below 200-DMA
Gold (XAU/USD) slumped to five-month lows of $1765 on Monday but managed to recover $20 to finish the day around $1776. Gold’s decline was mainly driven by increased expectations of a swifter global economic recovery, as coronavirus vaccine rollout looks imminent and could propel a return of normality to markets early next year. The vaccine-induced optimism dented gold’s safe-haven appeal. US Treasury Secretary Steve Mnuchin’s call to utilize $455 billion from the CARES Act fuelled stimulus hopes and helped the upside attempts in the precious metal. However, the US dollar rebounded on month-end demand, which kept a check on gold’s recovery.
Gold clings onto the recovery gains so far this Tuesday amid a broad-based US dollar retreat, as the optimism over the vaccine and US stimulus combined with strong Chinese Manufacturing PMI boosts the demand for the riskier assets. However, it remains to be seen if the metal sustains the bounce, as the vaccine progress could once again overwhelm the gold traders. Read more...
Gold: The uptrend may be expected to continue
The uptrend may be expected to continue, while market is trading above support level 1784, which will be followed by reaching resistance level 1800 - 1810. An downtrend will start as soon, as the market drops below support level 1784, which will be followed by moving down to support level 1764.
An uptrend will start as soon, as the market rises above resistance level 1850, which will be followed by moving up to resistance level 1899. The downtrend may be expected to continue in case the market drops below support level 1780, which will be followed by reaching support level 1740. 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD pressures as Fed officials hold firm on rate policy
The Australian Dollar is on the defensive against the US Dollar, as Friday’s Asian session commences. On Thursday, the antipodean clocked losses of 0.21% against its counterpart, driven by Fed officials emphasizing they’re in no rush to ease policy. The AUD/USD trades around 0.6419.
EUR/USD extends its downside below 1.0650 on hawkish Fed remarks
The EUR/USD extends its downside around 1.0640 after retreating from weekly peaks of 1.0690 on Friday during the early Asian session. The hawkish comments from Federal Reserve officials provide some support to the US Dollar.
Gold price edges higher on risk-off mood hawkish Fed signals
Gold prices advanced late in the North American session on Thursday, underpinned by heightened geopolitical risks involving Iran and Israel. Federal Reserve officials delivered hawkish messages, triggering a jump in US Treasury yields, which boosted the Greenback.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
With all eyes peeled on the halving, Bitcoin is the center of attention in the market. The pioneer cryptocurrency has had three narratives this year already, starting with the spot BTC exchange-traded funds, the recent all-time high of $73,777, and now the halving.
Billowing clouds of apprehension
Thursday marked the fifth consecutive session of decline for US stocks as optimism regarding multiple interest rate cuts by the Federal Reserve waned. The downturn in sentiment can be attributed to robust economic data releases, prompting traders to adjust their expectations for multiple rate cuts this year.