Gold (XAU/USD) slides lower to trade in the $2,320s on Monday as a positive risk-on environment inherited from the Asian session lowers safe-haven demand for the metal.
Gold spikes to a high of $2,359 on Friday after US PCE inflation data undershoots expectations, suggesting interest rates might fall. Gold then rolls over and declines to three-week lows, however, as safe-haven demand declines, bulls take flight. Asian demand and cooling inflation expectations could put a floor under the rout. Technicals remain bearish after a breakout from a Bear Flag.
The target for the break below the trendline lies nearby at $2,303 . Gold has step-declined to lower lows since then, providing further bearish confirmation following the breakout. Recently bears managed to push the price down to $2,314, only $11 away from the first downside target.
XAUUSD Technical Analysis Fundamental Analysis SEO
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 (XAU/USD) Eyes Support, US GDP and Core PCE on the HorizonThe recent push higher in global bond yields is weighing on the precious metal as two key US economic data releases near.
Read more »
Gold Price Forecast: XAU/USD in a consolidative phase ahead of PCE inflationSpot Gold is little changed on Thursday, trading around its daily opening in the $2,340 price zone.
Read more »
Gold Price Forecast: XAU/USD remains stuck in range, awaits US PCE inflation for clear directionGold price is consolidating the previous bounce but remains confined in a narrow range near $2,350 early Friday.
Read more »
Gold Price Forecast: XAU/USD plummets amid Harmony Gold newsHarmony Gold, the largest gold mining company in SA interrupted blasting operations after a fatal accident.
Read more »
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.
Read more »
Gold Price Forecast: XAU/USD focuses on daily close below $2,330 and US ISM PMIGold price is licking its wounds while trading close to over two-week lows of $2,321, setting off the week on cautious footing.
Read more »