Gold Price News and Forecast: XAU/USD seems poised to challenge 2021 lows, around $1800 mark

Gold breaks key level: 1760 in sight

Gold rallied again at the beginning of the week to retest the top of the range it had been trading since the beginning of the year after the big drop from 1958 back in January 6. This bearish breakout is still not confirmed since the last bullish defense line is intact: the Nov. 26 highs - Dec. 14 lows. 

Should price break this level the bearish move towards the lows around 1760 is inminent. More so with the DXY trading and rallying above the 92.00 level. Read more...

Gold Price Forecast: XAU/USD seems poised to challenge 2021 lows, around $1800 mark

Gold extended this week's rejection slide from the $1875-76 resistance zone and witnessed heavy selling for the fourth consecutive session on Thursday. The downward trajectory dragged the commodity to near three-week lows during the Asian session and was sponsored by a combination of factors. Signs of progress on additional US stimulus measures fueled hopes for a strong global economic recovery. The optimism remained supportive of the underlying bullish sentiment in the financial markets and weighed on the safe-haven XAU/USD.

Democrats in the US Congress took the first step to advance President Joe Biden's proposed relief package without Republican support and began debating a budget resolution for 2021 with coronavirus spending instructions. Meanwhile, the US bond market reacted strongly to the possibility of a larger government borrowing and pushed the yield on the benchmark 10-year government bond to near 10-month high touched in January. Read more...

Gold: Will we see a recovery to 1840?

Gold Spot bottomed exactly at 2 week range support at 1832/30 again yesterday but breaks lower this morning to target 1820/17 before a retest of support at the January low at 1812/10. Silver Spot crashed wiping out almost 2 days of very strong gains on Tuesday but more stable yesterday holding a tight range of 2645 up to first resistance at 2710/20 & we topped exactly here.

Gold breaks 2 week range support at 1832/30 for 1820/17 before a retest of support at the January low at 1812/10. First resistance at 1830/32 today of course but above here allows a recovery to 1840, perhaps as far as resistance at 1845/48. Shorts need stops above 1852. Read more...