Gold Forecast: A big miss on US CPI to drive XAU/USD above 200-DMA? Gold Weekly Forecast: XAU/USD could target 200-day SMA Gold analysis: Reveals support
Gold Forecast: A big miss on US CPI to drive XAU/USD above 200-DMA? Gold Weekly Forecast: XAU/USD could target 200-day SMA Gold analysis: Reveals support
May 10, 2021 09:56 GMTFXStreet News
On a weekly basis, XAU/USD rose more than 3% and registered its largest percentage gain of 2021. Gold could target 200-day SMA at $1,850, according to FXStreet’s Eren Sengezer.
See – Gold Price Analysis: XAU/USD set to tackle $1850 behind shocking NFP – OCBC
The next target on the upside aligns at $1,850
“On Wednesday, the Consumer Price Index (CPI) data will be watched closely by market participants. Investors expect the Core CPI, which strips volatile food and energy prices, to rise to 2.3% on a yearly basis in April. A reading above 2.5% could lift the USD and weigh on XAU/USD but a softer-than-expected print could trigger another selloff.”
May 8, 2021 10:46 GMTFXStreet News
Gold bulls have eyes on a 61.8% Fibo monthly target of $1,850.
Shorter-term, the bears can target at least a drift to a 38.2% Fibo at 1.807 or the daily support, near $1,800.
Will NFP be the catalyst to test the commitments at $1,820/25 on a soft US dollar?
Update: Gold retreated from fresh three-month highs of $1843 and closed Friday below $1840, registering a 3.5% weekly gain. Gold’s staggering rally on Friday could be attributed to a big miss on the headline NFP number, which arrived at 266K in April vs. expectations of 978K and 770K previous. Disappointing US jobs reports reinforced the dovish Fed expectations of ‘lower rates for longer’, smashing the dollar alongside the Treasury yields. However, gold eased off multi-month highs into the weekly closing, as the US rates reversed the NFP-led losses amid the Wall Street surge.
May 7, 2021 07:11 GMTFXStreet News
Gold bulls have eyes on a 61.8% Fibo monthly target of $1,850.
Shorter-term, the bears can target at least a drift to a 38.2% Fibo at 1.807 or the daily support, near $1,800.
Will NFP be the catalyst to test the commitments at $1,820/25 on a soft US dollar?
Update: Gold (XAU/USD) bulls catch a breather around $1,820, up 0.24% intraday, after printing the fresh high since mid-February ahead of Friday’s European session open. Gold buyers earlier cheered the hopes of extended monetary policy, as suggested by the Fed policymakers, as well as the faster coronavirus (COVID-19) vaccinations due to the latest drive to waive vaccine patents. However, the risk-on mood fades as traders from Brussels turn cautious ahead of the key US Nonfarm Payrolls data.