Gold Price Forecast: XAU/USD bounces back to $1770 zone

- Advertisement -
  • Gold tries to end a three-day losing streak.
  • Price finds support in the $1760 area.
  • After the minutes of the Fed come data on unemployment benefits and home sales.

The Prayed it is rising modestly on Thursday, which serves to end a streak of three consecutive days with losses. XAUUSD found support at the $1760 zone and is trading at $1770, the high of the day.

The yellow metal’s rebound comes from two-week lows and after a correction that took place after the rejection above $1800. The uploads at the moment do not look entirely sustainable. The price is back, for now temporarily, above the 20-day moving average.

- Advertisement -

The $1760 area has become the support to watch in the short term. The break below could enable a bigger pullback. The next relevant support is located at $1745. In the opposite direction, at $1774 the first barrier appears, followed by $1783 and then the relevant $1800 area appears.

Gold’s rebound comes on the back of some weakness in the dollar, especially noticeable against emerging market currencies and those linked to commodities. Treasury yields and equity markets are moving flat, sideways.

- Advertisement -

On Wednesday, the Federal Reserve Minutes, which did not bring a great impact. Concern was expressed in the document about raising interest rates too little and also raising too much. On Thursday the focus will return to economic data. The weekly report of requests for unemployment benefits will come out, in addition to the Philly Fed and the report on the sale of existing homes. In addition, Esther George, from the Kansas Fed, and Neel Kashkari, from the Minneapolis Fed, will speak in public.

Technical levels

XAU/USD

Panorama
Last Price Today 1770.27
Today’s Daily Change 8.47
Today’s Daily Change % 0.48
Today’s Daily Opening 1761.8
Trends
20 Daily SMA 1764.47
50 Daily SMA 1778.55
100 Daily SMA 1832.87
200 Daily SMA 1841.31
levels
Previous Daily High 1782.42
Previous Daily Minimum 1759.87
Previous Maximum Weekly 1807.93
Previous Weekly Minimum 1770.9
Monthly Prior Maximum 1814.37
Previous Monthly Minimum 1680.91
Daily Fibonacci 38.2% 1768.48
Daily Fibonacci 61.8% 1773.81
Daily Pivot Point S1 1753.64
Daily Pivot Point S2 1745.48
Daily Pivot Point S3 1731.09
Daily Pivot Point R1 1776.19
Daily Pivot Point R2 1790.58
Daily Pivot Point R3 1798.74

Source: Fx Street

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Hot Topics

Related Articles