Gold Price News and Forecast: XAU/USD flat for the day, still testing the $1,900 zone.

Gold Price Analysis: XAU/USD retreats after hitting one-week highs above $1900

The recovery in gold after last week sharp decline continues to be capped by the $1,900/oz area. Recently, boosted by a slide of the US dollar, XAU/USD rose to $1,902 reaching the highest level in a week, but it failed to hold above $1,900 and pulled back.

The DXY fell to the lowest in a week under 93.70. In Wall Street, equity prices are sharply higher the day after the first presidential debate. The Dow Jones is rising 1.80%, and the S&P 500 climbs 1.50%. The combination of a weaker US dollar and risk appetite helped gold move off lows, but metals are in negative territory for the day.

Read more…

Gold: Near term rallies will struggle

Two decisive positive candlesticks have moved the outlook for gold back to a crucial crossroads. The old August/September lows between $1902/$1926 have left key medium term resistance. The rebound in the last couple of sessions has hit $1899 and begun to slip back. The configuration on momentum indicators suggests that near term rallies will struggle. As such we still prefer pressure towards the newly formed six month uptrend (today at $1856). Closing back under $1875 (yesterday’s low) would play into this outlook. 

Read more…

Leave a Reply

Your email address will not be published. Required fields are marked *