Gold Price News & Forecast: XAU/USD remains vulnerable below 100-day SMA

Yohay Elam FXStreet

Gold: failure to capitalize on momentum may disappoint bulls

The failure of gold to push ahead in its recovery momentum will come as a disappointment for the bulls. Even as safe-haven flows have begun to resume on Wednesday, the gold price closed lower and runs the risk that this tepid rally has already run out of steam. The band of overhead supply between $1474/$1480 has come in to act as a barrier to the recovery and yesterday’s high at $1279 is notable. Read more...

Gold Technical Analysis: Remains vulnerable below 100-day SMA

Gold seems to have stalled its recent corrective bounce from three-month lows and witnessed a modest pullback from previous support, now turned resistance near 100-day SMA.

Meanwhile, the commodity has been trending lower over the past two months or so along a descending trend-channel, which clearly points to a well-established near-term downtrend. Read more...

Gold daily chart

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

EUR/USD: Gains remain capped by 1.1650

EUR/USD remains in recovery-mode following the closing bell in Euroland on Wednesday, hovering around the 1.1650 zone amid renewed downside pressure on the US Dollar and a marginal improvement in the global sentiment.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.