Gold Price Forecast: XAU/USD retreats from $1950 on US dollar strength, high US yields By christianborjon Gold XAUUSD Commodities Metals Macroeconomics
on, and rising US Treasury yields, keeping the non-yielding metal pressured. Nevertheless, an inversion in the 2s-10s yield curve is worth noting as investors assess the outcome for the yellow metal. At press time, XAU/USD is trading at $1924.46 a troy ounce.US equities fluctuate as Wall Street is about to close; meanwhile, European bourses finished positive. The Russia-Ukraine war extends as peace talks over the last couple of weeks have failed to offer a diplomatic exit to the war.
That triggered a raft of negative market moods on Thursday, which lifted gold towards $1950. Nonetheless, positive US economic data weighed on gold prices.report, which came at 431K jobs created, lower than the 490K estimated by analysts. Even though it was slightly softer than expected, forecasts ranged from 0 to 700K, so the market perceived it as a robust report. Moreover, the Unemployment rate in March dropped to 3.6% from 3.8% YoY in and beat the 3.7% estimations.
Upwards, XAU/USD’s first resistance would be March 1 daily high at $1950.30. Breach of the latter would expose March 24 daily high at $1966.20, followed by $2000. On the flip side, the XAU/USD first support would be $1910. A clear break would expose the 50-day moving average at $1898.11, followed by November 16, 2021, daily high at $1877.14, followed by the 200-DMA at $1820.63.
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