Tag: gold

Between the 61.8% Fibo / 50% mean reversion and the confluence of old support has proven to be a firm resistance.  Gold is now firmly back into the hands of the bears targeting $1,750.As per the prior analysis, Gold Price Analysis: Bulls setting up for upside extension to -61.8% Fibo/$1,817/20, the price indeed rallied as according to the analysis, falling short of the target by $1.00 from which conservative bulls cashed in at.Prior analysis, 1-hourA conservative target,comes as the -61.8% Fibonacci retracement of the current correction's range at $1,817 for a 1:2 R/R.Live marketMeanwhile, the price has melted to the downside since reaching the $1,816.04 highs.For those bulls who waited for $1,817 or $1,820, they would have had to accept a breakeven scenario at wors...

Gold continues to suffer under a stronger US dollar. XAU/USD has lost the 50 SMA crucial support, risking declines towards $1,780. Recovery will come into play if gold settles above the 23.6% Fibonacci level.Gold has recently been rejected at $1,850, paving the way for the ongoing declines. Before that, the precious metal had rebounded from support established at $1,780. However, after losing critical support, declines are most likely to carry on in the week starting Monday.A short-term compressive analysis shows t5he Moving Average Convergence Divergence (MACD) on the 4-hour chart reinforcing the breakdown. The indicator follows the direction of the asset’s trend while measuring its momentum.The MACD can also identify local selling positions to sell the top and buy the...

Gold struggled for a firm direction and remained confined in a range on Tuesday. A goodish pickup in the USD demand capped any meaningful upside for the metal. Weaker risk sentiment, sliding US bond yields extended support to the commodity.Gold seesawed between tepid gains/minor losses through the early European session and was last seen hovering in the neutral territory, around the $1855 region.Following the previous day's two-way price moves and an early uptick to the $1862 area on Tuesday, the precious metal witnessed some selling and was pressured by a goodish pickup in the US dollar demand. Doubts over the size and timing of the US stimulus provided a modest lift to the greenback, which, in turn, was seen weighing on the dollar-denominated commodity.Some prominen...

Gold futures market suffered for another week as the US dollar gained. XAU/USD might revisit $1,800 if the short term support at $1,820 fails to hold in the coming week.Gold experienced intense selling pressure in the concluded trading week. The precious metal was not able to pick up momentum following the consistent growth of the US dollar. Attempts to recover failed multiple times for the dollar-dominated asset. Meanwhile, the strongest currency in the world posted gains for the second week in a row.The 4-hour chart also shows XAU/USD upside was limited by the 200 Simple Moving Average around $1,860. As selling activities surged, gold explored price levels toward $1,820. However, it closed the week at $1,825 amid a build-up of bearish pressure.If technical levels remain t...

Gold meets a critical resistance area for a compelling case to the downside.  A significant pullback could now be on the cards to correct recent rally. The price of gold has shot higher and meets the bearish commitments at a critical juncture in the precious metal's journey.From a longer-term perspective, the bullish trend is well soiled, however, a significant pullback could now be on the cards to correct the highly overextended W-formation's impulse.The following is a top-down analysis which illustrates the compelling market structure and where the next trading opportunity could arise to the downside.Weekly chartThe price is meeting a strong level of resistance which prevented the mid-winter come back and the area would be expected to hold initial tests.Daily char...

XAU/USD is up more than 2% on Monday. Technical breakout seems to have attracted gold bulls. Correction could be on the cards before further upside.The XAU/USD pair opened sharply higher on the first day of 2021 and preserved its bullish momentum with the technical breakout attracting more buyers. As of writing, the pair was up 2.45% on a daily basis at $1,940.XAU/USD technical outlookGold seems to have broken above the ascending triangle that formed in December. Additionally, the price rose above the critical 100-day SMA as well, confirming the bullish momentum. However, with the latest upsurge, the Relative Strength Index (RSI) indicator on the same chart reached the overbought territory for the first time since August 2020, suggesting that there could be a technical ...

Renewed USD selling bias assisted gold to regain positive traction on Wednesday. A goodish rebound in the US equity markets might keep a lid on any strong gains. Bulls might now wait for a sustained move beyond $1885 before placing fresh bets.Gold maintained its bid tone through the first half of the European session and was last seen hovering near the top end of its daily trading range, around the $1870 region.The precious metal gain some positive traction on Wednesday and recovered a part of the previous day's losses back closer to weekly lows, around the $1855 region. The uptick was exclusively sponsored by the emergence of some fresh selling around the US dollar, which tends to benefit the dollar-denominated commodity.The USD struggled to capitalize on this week's...

Spot gold prices have been moving sideways in recent trade just below $1880. The precious metal has been caught between conflicting forces from a falling USD and rising real US interest rates.Spot gold (XAU/USD) has flatlined in recent trade just under the $1880 level, with the precious metal caught between conflicting forces of a falling USD and rising US real interest rates. At present, XAU/USD trades lower by about 0.2% or just over $4 on the day.Gold caught between conflicting forces…Two of the key drivers of gold have been moving in the opposite direction to each other in recent trade; the Dollar Index (DXY) has dropped roughly 100 points from Monday European session highs just above 91.00 to just above 90.00, barely above last Friday’s closing levels in the 89.90s. ...

Gold prices are under pressure as the US dollar stabilises.  A meanwhile bottoming in the greenback could be in the making ahead of the Fed.The price of gold is trading at $1,828.68, down some 0.6% and has travelled between a low of $1,819.16 and $1,855.60.The US dollar is a major focus this week and is carving out a bottoming pattern on the daily chart.Not only have there been covid vaccine progress, as well as hopes for US fiscal stimulus, but we will have the final Federal Open Market Committee meeting this week.Investors have dumped the US dollar this year considering the size of the Fed’s balance sheet and a preference for flexible, average inflation targeting.DXY W-formation in the making?The DXY is under pressure but traders will take note of what could be th...

Gold awaits a breakout from the recent trading range. XAU/USD remains locked between 50-DMA and 200-DMA. All eyes on the Fed decision and a potential US fiscal stimulus deal.Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi-month lows sub-$1800 in the last week.The sellers returned after the metal faced rejection at the 50-daily moving average (DMA), now at $1875.On Wednesday, gold fell as much as 1% to near the $1825 region and spent the rest of the week meandering near the latter, with the upside attempts capped by the 21-DMA of $1841.Gold Price Chart: DailyXAU/USD’s daily chart clearly shows that the price continues to oscillate in a defined range. Acceptance above the 50-DMA is critical to reviving the recovery momentum from f...