Gold Price Forecast: XAU/USD focuses on daily close below $2,330 and US ISM PMI

  • 📰 FXStreetNews
  • ⏱ Reading Time:
  • 24 sec. here
  • 6 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 72%

Gold News

XAUUSD,Commodities,PMI

Gold price is licking its wounds while trading close to over two-week lows of $2,321, setting off the week on cautious footing.

Gold price mires in over two-week lows near $2,325 amid the Middle East optimism. The US Dollar eases with US Treasury bond yields, as the mood stays upbeat. The daily RSI returns below the 50 level, as Gold price eyes acceptance below the key 50-day SMA support at $2,330. Gold priceis licking its wounds while trading close to over two-week lows of $2,321, setting off the week on cautious footing.

However, Gold sellers need a daily candlestick closing below the latter to confirm a sustained breakdown. The 14-day Relative Strength Index is edging lower below the midline, suggesting that sellers are likely to retain control in the near term. The next downside target for Gold price is seen at the $2,300 level, below which a drop toward the May 3 low of $2,277 will be in the offing. Alternatively, any rebound would need acceptance above the 21-day SMA at $2,355.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 14. in COİN

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Gold Price Forecast: XAU/USD holds below $2,350, geopolitical risks remain in focusGold price (XAU/USD) edges lower to $2,325 on Monday during the early Asian trading hours.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Gold Price Forecast: XAU/USD extends slide below $2,350.00Spot Gold kept falling on Thursday, with XAU/USD trading as low as $2,340.28 at the beginning of the American session.
Source: FXStreetNews - 🏆 14. / 72 Read more »