Gold Price Forecast: XAUUSD hits two-day highs above $1720

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  • Gold extends bounce from levels below $1700.
  • Advance has next resistance at $1730.

The Prayed is rising modestly on Thursday and is trading at two-day highs at $1723, extending Wednesday’s advance. This comes in the face of a weakening dollar, lower Treasury yields, and ahead of the European Central Bank’s decision and Powell’s speech.

The dollar is pulling back against most currencies on Thursday. The 10-year Treasury bond yields 3.24%far from yesterday’s peak of 3.35%, while the 2-year tranche yields 3.43%, whereas the previous day it reached 3.52%.

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Within minutes, the European Central Bank will announce its monetary policy decision, which is expected to be a hike of 75 basis points. Later it will be the turn of the report on unemployment benefits, Lagarde’s press conference and then a presentation by Jerome Powell.

The technical landscape The very short-term price has improved for gold, after managing to hold onto long-term support, where the 2021 and 2022 lows are in the $1,675 area. The bounce from this level continues and is breaking a short-term bear line and the $1720 level.

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If it continues above $1,720, the bias will be to the upside, with the next resistance at $1,730 and $1,740. A return below $1,710 would put XAUUSD under pressure again, exposing $1,700.

XAUUSD 4 hour chart



Today last price 1722.16
Today Daily Change 3.78
Today Daily Change % 0.22
Today daily open 1718.38
Daily SMA20 1743.11
Daily SMA50 1747.72
Daily SMA100 1800.25
Daily SMA200 1834.15
Previous Daily High 1719.54
Previous Daily Low 1691.47
Previous Weekly High 1745.58
Previous Weekly Low 1688.92
Previous Monthly High 1807.93
Previous Monthly Low 1709.68
Daily Fibonacci 38.2% 1708.82
Daily Fibonacci 61.8% 1702.19
Daily Pivot Point S1 1700.05
Daily Pivot Point S2 1681.73
Daily Pivot Point S3 1671.98
Daily Pivot Point R1 1728.12
Daily Pivot Point R2 1737.87
Daily Pivot Point R3 1756.19

Source: Fx Street

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