Gold Price Forecast: Strengthened XAUUSD returns above $1780

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  • Metals gain momentum on a weak dollar and lower Treasury yields.
  • Gold is close to this year’s highs.

Gold gained momentum in the last few hours and rose above $1,780, approaching recent highs and keeps bullish tone intact. The dollar Weakness and a drop in recent hours in Treasury yields pushed XAUUSD higher.

The DXY it is falling 0.60% and trading below 106.00. While the yield of the 10-year bond yields 3.78%. Tuesday’s inflation data reaffirmed market expectations, and the view of several Federal Reserve officials, that the central bank will ease the pace and magnitude of interest rate hikes. The Wednesday retail sales data to be released in the US that may have an impact on the market.

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Lower yields coupled with a weak dollar pushed gold from daily lows of $1,770 to $1,785, just shy of the multi-month high hit on Tuesday.

The Bullish tone in metals remains standing. Silver also rises and once traded above $22.00, before falling back to $21.90. On Tuesday the price went as high as $22.24 and then fell to find support at $21.40.

technical levels


Last Price Today 1783.65
Today’s Daily Change 5.21
Today’s Daily Change % 0.29
Today’s Daily Open 1778.44
20 Daily SMA 1679.15
SMA of 50 Daily 1678.51
SMA of 100 Daily 1714.11
SMA of 200 Daily 1803.09
Previous Daily High 1786.55
Minimum Previous Daily 1767.14
Previous Weekly High 1768.17
Previous Weekly Minimum 1664.76
Maximum Prior Monthly 1729.58
Minimum Prior Monthly 1617.35
Daily Fibonacci 38.2% 1779.14
Daily Fibonacci 61.8% 1774.55
Daily Pivot Point S1 1768.2
Daily Pivot Point S2 1757.97
Daily Pivot Point S3 1748.79
Daily Pivot Point R1 1787.61
Daily Pivot Point R2 1796.79
Daily Pivot Point R3 1807.02

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Source: Fx Street

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