Gold Price News and Forecast: XAU/USD remains vulnerable to slide further, FOMC awaited

 

Gold where to from here
The chart below shows Gold has been during a downtrend since the 6th of January 2021. Gold has tested our long-term channel support down at 1679.37 which starts at 1822. The move lower appears to possess ended as an ending diagonal pattern with an impulsive move higher a short-term correction to the yellow zone which is our 61.8 Fibonacci level of the present run-up.

We have labelled this move as (i) and (ii) for the meantime as we expect a move higher to 1800 as a possible wave (iii). We could still see a corrective abc or wxy from current levels but price action will confirm. Read more…

Gold

Gold Price Forecast: XAU/USD remains susceptible to slide further, FOMC awaited
Gold built on the previous session’s goodish rebound from sub-$1700 levels and edged higher during the Asian session on Monday, albeit lacked any follow-through buying. The optimism over a robust global economic recovery from the pandemic remained supportive of the underlying bullish sentiment within the financial markets. This was seen together of the key factors that kept a lid on the first uptick for the safe-haven XAU/USD.

Meanwhile, the passage of a huge US stimulus package has been fueling inflation fears and raised doubts that the Fed will maintain ultra-low interest rates for a extended period. it’s worth reporting that US President Joe Biden signed the $1.9 trillion stimulus package into law on Friday. This, in turn, resulted during a runaway rally within the US Treasury bond yields, which further collaborated to cap gains for the non-yielding metal. Read more…

Gold

Gold – Time to shine once more?
Just seven months ago, gold hit a record intra-day high of $2,075 per ounce. Finally, the alpha-beta brass had managed to significantly exceed its old record of around $1,900 from September 2011. This rally came when higher inflation was expected, as governments round the world announced stimulus measures to deal with the economic devastation wrought by the coronavirus pandemic. additionally , there have been record-low interest rates, more bond purchase programmes announced by developed world central banks, and therefore the US dollar’s decline.

The Dollar Index, which measures the greenback against a weighted basket of currencies, fell around 12% between March and August last year before levelling out. Yet gold has fallen around 18% from its record high, currently languishing just slightly above $1,700 per ounce. Read more…

XAU/USD
OVERVIEW
Today last price 1729.84
Today Daily Change 6.28
Today Daily Change % 0.36
Today daily open 1723.56

TRENDS
Daily SMA20 1749.68
Daily SMA50 1811.64
Daily SMA100 1838.89
Daily SMA200 1860.14

LEVELS
Previous Daily High 1728.04
Previous Daily Low 1699.3
Previous Weekly High 1739.93
Previous Weekly Low 1676.87
Previous Monthly High 1871.9
Previous Monthly Low 1717.24
Daily Fibonacci 38.2% 1710.28
Daily Fibonacci 61.8% 1717.06
Daily Pivot Point S1 1705.89
Daily Pivot Point S2 1688.23
Daily Pivot Point S3 1677.15
Daily Pivot Point R1 1734.63
Daily Pivot Point R2 1745.71
Daily Pivot Point R3 1763.37

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