FXTM information and reviews
IronFX information and reviews
Libertex information and reviews
FXCC information and reviews
Markets.com information and reviews
FxPro information and reviews
42 453.14

XAU/USD surrenders modest intraday gains

24 February 2021

Gold failed to capitalize on its intraday positive move back closer to Tuesday’s one-week tops. Sliding US bond yields undermined the USD and provided a modest intraday lift to the metal. Optimism over a strong global economic recovery capped any further gains for the XAU/USD.

Gold struggled to preserve its intraday gains and retreated to the lower end of its daily trading range, around the $1805 region during the early European session.

The precious metal gained some traction during the first half of the trading action on Wednesday and built on the overnight bounce from the sub-$1800 level. The treasury yields witnessed a modest pullback after Fed Chair Jerome Powell on Tuesday reiterated a very dovish policy stance, saying that interest rates will remain low and the Fed will keep buying bonds to support the US economic recovery.

Sliding US bond yields kept the US dollar bulls on the defensive, which, in turn, was seen as a key factor that provided a modest lift to the non-yielding yellow metal. Apart from this, a softer tone around the equity markets further benefitted the safe-haven XAU/USD and remained supportive of the uptick. That said, the optimistic global economic outlook capped the upside for the precious metal.

The impressive pace of vaccinations for the highly contagious coronavirus disease, along with the prospects for a massive US fiscal spending plan has been fueling hopes for a strong global economic recovery from the pandemic. In the latest development, House Majority Leader Steny Hoyer said that a vote on the US President Joe Biden's proposed $1.9 trillion stimulus package will be held on Friday.

This makes it prudent to wait for some strong follow-through buying beyond the overnight swing highs, around the $1816 region before positioning for any further appreciating move. The next relevant resistance is pegged near the $1823-25 region ahead of the $1835 level, which if cleared decisively will be seen as a fresh trigger for bullish traders and set the stage for additional gains.



Space tourism takes off and opens colossal market
Space tourism takes off and opens colossal market

Space tourism is definitely on the rise. According to Bank of America Merrill Lynch, it could represent USD 2.700 billion by 2045, against 400 billion today...

24 Sep 2021

All Eyes On The BOE Meeting
All Eyes On The BOE Meeting

US and European futures are trading higher today, following the Fed’s announcement yesterday that the economy is exhibiting signs of strength and...

23 Sep 2021

Stocks steady on Evergrande debt assurance
Stocks steady on Evergrande debt assurance

Equities were mostly recovering on Wednesday as market nerves were somewhat calmed after China’s troubled property giant, Evergrande, told investors it will meet

23 Sep 2021

Stock Futures Trade Sharply Lower
Stock Futures Trade Sharply Lower

Futures in the United States and in Europe are trading sharply lower as investors worry about the domino effect of Evergrande’s massive plunge on the Chinese property market..

21 Sep 2021

Oil market: the unbalanced demand and supply
Oil market: the unbalanced demand and supply

Oil prices climbed to higher grounds in the most recent daily sessions adding further to its upward momentum formed so far in September. The Oil market is running...

21 Sep 2021

US Markets lost major support, Asian Indices are melting
US Markets lost major support, Asian Indices are melting

Global markets closed last week on the back foot, and no significant positive factors emerged in Asian trading, increasing the flight to safety. The Hang Seng lost...

20 Sep 2021

Editors' Picks

OctaFX information and reviews
HotForex information and reviews
XM information and reviews
FXCM information and reviews
Vantage FX information and reviews
Vantage FX
Moneta Markets information and reviews
Moneta Markets

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.