Gold Price Forecast: XAU/USD bears firming at critical 38.2% Fibo daily resistance By ross_burland DollarIndex Currencies Fed Gold
, which hit a four-session low of 103.37 ahead of the report, immediately strengthened to a session high of 104.13 in the wake of the data.
The Dow Jones Industrial Average fell 0.8% giving up earlier gains. The S&P 500 slid 1.3% after increasing 0.5% earlier in the session. The Nasdaq Composite dropped 2.5% and is currently extending intraday declines while the 2-year yield increased to 2.857% and is aligned closely with Federal Reserve's interest rate policy.
The above charts are daily charts and following a break of a 38.2% Fibonacci resistance at the curreny highs of the day, there would be prospects of a move into the 50% and 61.8% ratios that align with the M-formation's neckline. However, the 4-hour chart could put up some resistance in the way there:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Technical Forecast: Gold Price Plunge Targets Final SupportGold prices are poised to mark a fourth consecutive weekly decline with XAU/USD more than 2% since the start of the week. The decline is now testing key support targets--we’re on the lookout for a possible exhaustion low in the weeks ahead.
Read more »
Gold Price Forecast: XAU/USD bears need to crack $1,850 to unleash further downside – Confluence DetectorGold Price Forecast: XAU/USD bears need to crack $1,850 to unleash further downside – Confluence Detector Gold XAUUSD Commodities Confluences Inflation
Read more »
Gold Price Forecast: XAU/USD bounces to near $1,850, investors await US inflationGold Price (XAU/USD) has witnessed a minor bounce after slipping near the previous week’s low at $1,850.47. A minor responsive buying has been observe
Read more »
Gold Price Analysis: XAU/USD consolidates in $1,860 area ahead of Fed speak onslaughtBroader market risk appetite remains mixed and indecisive in the hours prior to the start of the US session, after a resoundingly risk-off Monday. For
Read more »
Gold Price Forecast: XAU/USD bears taking on critical daily supportThe gold price continues to deteriorate despite some relief in the US dollar's advance. At the time of writing, XAU/USD is down some 0.46% at $1,845 w
Read more »
Gold Price Forecast: XAU/USD rebounds towards $1,850 as DXY eases ahead of US inflationGold (XAU/USD) prices recover from the lowest since February as markets brace for the all-important US inflation data during early Wednesday. The meta
Read more »