FXTM information and reviews
FXTM
93%
IronFX information and reviews
IronFX
92%
Libertex information and reviews
Libertex
91%
FXCC information and reviews
FXCC
90%
FxPro information and reviews
FxPro
88%
OctaFX information and reviews
OctaFX
86%

XAU/USD targets $1791 on turnaround Tuesday


19 October 2021

Gold price jumps 1% as the US dollar keeps losing ground across the board. Retreat in Treasury yields, risk-on mood aid the rebound in gold price. Gold: Sellers defend $1,800, all eyes on US T-bond yields. Gold price is rebounding 1% so far this Tuesday, reversing half the sell-off seen since Friday, as bulls aim for the $1800 barrier once again. The relentless decline in the US dollar across the board is helping gold price stage an impressive turnaround. The risk-on flows are weighing heavily on the dollar’s safe-haven demand, underpinning gold price.

Expectations of strong corporate earnings reports from the US, especially from the tech sector, has overshadowed the concerns over rising inflation and global economic growth. The retreat in the US Treasury yields is also boding well for gold price amid a data-light Tuesday.  

Gold price: key levels to watch

According to the Technical Confluences Detector, gold is on a steady road to recovery, now challenging the convergence of the pivot point one-day R3 and the previous high four-hour at $1783. The next stop for gold bulls is seen around $1791, where the Fibonacci 23.6% one-week coincides with the Fibonacci 61.8% one-month. Further up, the critical SMA200 one-day at $1795 will come into play. At that level, the pivot point one-week R1 intersects.

The previous week’s high at $1801 will then test the bearish commitments. However, rejection at higher levels could recall the sellers to test the immediate support around $1778, the confluence of the SMA50 one-day and Bollinger Band four-hour Middle.

The next crucial cushion is seen at $1772, the meeting point of the previous day’s high and SMA200 four-hour. A dense cluster of healthy support levels are placed around $1770, which will limit the additional downside in gold price. The demand area is comprised of the Fibonacci 61.8% one-week, SMA50 four-hour and SMA200 one-hour. The line in the sand for gold buyers appears at $1765, the convergence of the Fibonacci 38.2% one-month and one-day.

#source

Share:


Related

Stock Futures Trade Higher
Stock Futures Trade Higher

Following the Omicron news and the Fed Chair indicating the speed up of tapering, prices of cryptocurrencies have also taken a beating, with Bitcoin...

1 Dec 2021

Stock futures rise while investors monitor new Covid variant
Stock futures rise while investors monitor new Covid variant

On Monday, in early morning trading, stock futures climbed higher after Black Friday’s heavy sell-off while investors monitored the newest developments...

29 Nov 2021

The New Covid Strain And The Run Up To Christmas
The New Covid Strain And The Run Up To Christmas

Investors and traders are concerned about the new Covid-19 strain discovered in South Africa. The World Health Organization is keeping an eye on a new variant...

26 Nov 2021

Stock Futures Point A Lower Open
Stock Futures Point A Lower Open

European stock futures are pointing to a higher open on Thursday while investors continue to closely follow the surge in Covid cases and political developments in Germany...

25 Nov 2021

Oil continues to correct the rise of the previous 12 months
Oil continues to correct the rise of the previous 12 months

Oil is adding around 1% on Monday after posting the 4th week of back-to-back decline, during which WTI lost almost 12%, and Brent nearly 11%. Nevertheless...

23 Nov 2021

Cryptocurrencies in FinTech
Cryptocurrencies in FinTech

Over the past few years, cryptocurrencies have had a big impact on the global financial niche. Although Bitcoin and most other cryptocurrencies have declined...

22 Nov 2021


Editors' Picks

HotForex information and reviews
HotForex
85%
XM information and reviews
XM
80%
FXCM information and reviews
FXCM
79%
AvaTrade information and reviews
AvaTrade
76%
LegacyFX information and reviews
LegacyFX
75%
FP Markets information and reviews
FP Markets
72%

© 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.