4/1/2021 11:34:22 AM GMT | By FXStreet Team
Gold Price Forecast: XAU/USD forms a double-bottom near $1677-76 region, March lows
Gold survived the first test of YTD lows touched on March 8 and staged a goodish rebound on Wednesday, snapping two days of the losing streak. The yield on the benchmark 10-year US government bond remained below 14-month tops, or levels beyond the 1.75% threshold touched in the previous session and prompted traders to take some profits off their US dollar bullish positions. T
his, in turn, was seen as a key factor that extended some support to the non-yielding yellow metal. Apart from this, a cautious mood around the equity markets further benefitted the safe-haven XAU/USD.
Gold Weekly Price Forecast: XAU Caught Between Treasury Yields and USD dailyfx.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyfx.com Daily Mail and Mail on Sunday newspapers.
LBMA Gold Spot trading above $ 1730levels, The U.S. Federal Open Market Committee’s two-day meeting ends on Wednesday. The central bank is expected to reiterate its pledge to keep interest rates pinned near zero until the economy reaches full employment. Downside support is $ 1675- $ 1700 levels, Resistance is at $ 1741 - $ 1760 levels.
MCX Gold April trading with sideways momentum in the entire session, Gold could be building a support base despite the possibility of higher Treasury yields, Downside support for the metal is 44600. Resistance for the metal is Rs 45200.
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Silver MCX Silver March has shown a negative movement and trade near 67000 levels, we await the FOMC announcement on Wednesday. Quite frankly, silver is going to move based upon the movement of the US dollar , but if we break above Rs 67800 levels then it is very likely that we will go towards the Rs 69000 level, Downside support is Rs 66500 levels, Resistance is at Rs 682
Gold Price Eyes Recovery After Cratering to Trendline Support dailyfx.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyfx.com Daily Mail and Mail on Sunday newspapers.