Gold Price Forecast: XAU/USD hits 6-day highs near $1760

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  • Fed minutes hurt dollar and boost metals.
  • Lower Treasury yields give the yellow metal extra support.
  • $1750 area is the new short-term support.

Gold was helped by the Federal Reserve minutes released on Wednesday, which led it to break above $1,750. XAU/USD recently reached as high as $1758the highest level since last Friday.

The price remains in the high zone with a bullish tone intact, although the rallies have run into resistance below $1760. In case of breaking above said level, the next relevant resistance can be located at $1768 and then $1775 will follow.

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In the opposite direction, the first support is seen at $1750. Below is $1745, where a confirmation below could turn the tone from very short term to negative, exposing next support at $1735.

The dollar is still weak

The XAU/USD rally began on Wednesday after the release of US economic data and took firmer after the Federal Reserve minutes. The document was “less hawkish” which generated a negative reaction in the dollar and a drop in Treasury yields. The document showed that Fed officials could target a hike of less than 50 basis points at the next meeting on December 13-14.

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The dollar index (DXY) it falls 0.17% on Thursday, losing ground for the third day in a row. The volume of operations in the next few hours could tend to decrease considering that it is a holiday in the US for Thanksgiving.

technical levels

XAU/USD

Panorama
Last Price Today 1758.33
Today’s Daily Change 7.01
Today’s Daily Change % 0.40
Today’s Daily Open 1751.32
Trends
20 Daily SMA 1710.79
SMA of 50 Daily 1683.46
SMA of 100 Daily 1711.79
SMA of 200 Daily 1800.3
levels
Previous Daily High 1753.49
Minimum Previous Daily 1721.23
Previous Weekly High 1786.55
Previous Weekly Minimum 1747.6
Maximum Prior Monthly 1729.58
Minimum Prior Monthly 1617.35
Daily Fibonacci 38.2% 1741.17
Daily Fibonacci 61.8% 1733.55
Daily Pivot Point S1 1730.54
Daily Pivot Point S2 1709.75
Daily Pivot Point S3 1698.28
Daily Pivot Point R1 1762.8
Daily Pivot Point R2 1774.27
Daily Pivot Point R3 1795.06

Source: Fx Street

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