Gold seeks to pivot near trendline, bulls still in charge [Video]

The technical indicators reflect that the bulls remain in charge despite the latest negative correction. The red Tenkan-sen line keeps deviating above the blue Kijun-sen line, while the RSI, although weaker, holds comfortably above its 50 neutral mark. Likewise, the MACD has lost steam, but its upward direction is still intact within the positive area. Notably, the progressing bullish cross between the 20- and 50-day simple moving averages (SMAs) is adding to the trend reversal optimism triggered by the double bottom structure created near the 1,676 number. Read more…

[embedded content]

Gold Price Forecast: $1,800 might continue to cap ahead of FOMC on Wednesday

Gold witnessed an intraday turnaround from the vicinity of the $1,800 mark and finally settled in the red for the second consecutive session on Friday. Upbeat US economic data was enough to push the US bond yields higher, which turned out to be a key factor that drove flows away from the non-yielding yellow metal. The US Census Bureau reported that New Home Sales rose at a seasonally-adjusted annual rate of 1.021 million in March – the fastest pace since 2006. Adding to this, the IHS Markit revealed that the economic activity in the US private sector expanded at a record pace in April. This comes amid a generally positive tone around the equity markets that exerted some additional downward pressure on the safe-haven XAU/USD. Read more…


Gold Price Analysis: XAU/USD to underpin bullish bias on a break above $1,800

Gold failed to gather enough bullish momentum to break above $1,800. This week, key data releases from the US could trigger a breakout while key technical levels remain intact following last week’s action, FXStreet’s Eren Sengezer briefs.

Investors are likely to stay on the sidelines ahead of the highly-anticipated first-quarter GDP and inflation reading from the US on Thursday and Friday. The US Bureau of Economic Analysis’s first estimate is expected to show an expansion of 6.3% in the economic activity. A stronger-than-anticipated reading would provide a boost to the greenback and force XAU/USD to edge lower.” Read more…

Leave a Reply

Your email address will not be published. Required fields are marked *