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

XAU/USD treads water near $1,800, bearish bias stays intact

27 July 2021

The XAU/USD pair closed the first day of the week in the negative territory. Although the US Dollar Index edged lower, the risk-positive market environment made it difficult for gold to find demand. Ahead of Tuesday's key macroeconomic data releases from the US, the pair is moving sideways and was last seen trading flat on the day at $1,798.

Later in the session, the US Census Bureau will release the Durable Goods Orders for June. However, investors could remain on the sidelines and show no reaction to this report while waiting for the FOMC to announce its monetary policy decisions on Wednesday.

Previewing the data, "estimates for Durable Goods Orders are likely too high, as past misses on this release and disappointments in other figures for June allude to," said FXStreet analyst Yohay Elam. "The market reaction will likely be muted ahead of the Fed – apart from a minor mean-reversion – but the data would be useful for trading GDP on Thursday."

Durable Goods Orders Preview: Why expectations could be too high, data useful for trading GDP. The Conference Board's Consumer Confidence Index for July and Richmond Fed Manufacturing Index will be featured in the US economic docket as well. On Wednesday, market participants will look for clues regarding the timing of asset tapering in the Fed's Monetary Policy Statement. Moreover, FOMC Chairman Jerome Powell's remarks on the policy outlook amid renewed concerns over the coronavirus Delta variant hurting the recovery will be looked upon for fresh impetus.

Gold Futures: Scope for further downside

With Tuesday's subdued trading action, key technical levels remain intact for gold. Meanwhile, the Relative Strength Index (RSI) indicator on the daily chart continues to edge lower toward 40, suggesting that the near-term outlook remains bearish.

Currently, gold is trading a tad below the 100-day SMA at $1,800 and sellers are likely to remain in control unless the price manages to hold consistently above that level. On the downside,  $1,790 (July 23 low) aligns as the next target ahead of $1,775 (Fibonacci 61.8 retracement of April-June uptrend).

On the other hand, $1,820 (200-day SMA) aligns as key resistance before $1,830/$1,833 area (Fibonacci 38.2% retracement, 50-day SMA).



Forex and Cryptocurrency Forecast for September 20-24, 2021
Forex and Cryptocurrency Forecast for September 20-24, 2021

The dollar continues to strengthen, and the EUR/USD pair moves south. Starting on Monday September 13 at 1.1810, it ends the five-day run at 1.1730. The movement...

20 Sep 2021

Gold and Silver looking into the abyss
Gold and Silver looking into the abyss

Strong US data revived bets on an imminent QE rollback from the Fed, supporting the dollar and causing bond yields to rise. The news triggered a more than 2% plunge in gold prices...

17 Sep 2021

Stocks pick up some bid after textbook SP 500 bounce
Stocks pick up some bid after textbook SP 500 bounce

European stock markets were modestly higher on Thursday after a rebound in the US and another dip for Asian equities overnight. Hong Kong down 1.7%...

16 Sep 2021

Stock Futures Trade Lower, Investors Worry About Fed Tapering
Stock Futures Trade Lower, Investors Worry About Fed Tapering

US and European futures are trading lower today, following a retracement in US indices. The Dow Jones Industrial Average fell nearly 290 points, wiping out gains...

15 Sep 2021

Futures in the United States and Europe are up today
Futures in the United States and Europe are up today

Futures in the United States and Europe are up today after the Dow managed to gain nearly 260 points and break its five-day losing streak. Although investors...

14 Sep 2021

Forex and Cryptocurrency Forecast for September 13-17, 2021
Forex and Cryptocurrency Forecast for September 13-17, 2021

The ECB meeting on Thursday 09 September went off as expected with no surprises. The interest rate remained unchanged at 0%. The European regulator...

13 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.