Gold Price Forecast: XAU/USD drops back towards 200-DMA as bears attack $1,850 on USD rebound By anilpanchal7 Gold XAUUSD Fed RiskAppetite Commodities
US dollar tracks recovery in yields ahead of Biden-Powell meet.Gold
The commodity’s latest weakness could be linked to the US dollar’s rebound from a one-month low as full markets return to the table. That said, the snaps a three-day downtrend around a five-week low, picking up bids to 101.56 at the latest, as bond yields pare recent losses. It should be noted that the market sentiment remains firmer as S&P 500 Futures rise 0.50% intraday at the latest, which in turn probes the US dollar rebound. However, traders need validation of the latest risk-on mood and hence the recent fall in gold prices seems illusionary.Manufacturing Business Index for May could direct gold traders.Gold prices extend pullback from the monthly resistance line, around $1,861 by the press time, as sellers aim to retest the 200-DMA support near $1,840.
However, the yearly horizontal support zone near $1,787-85 appears a tough nut to crack for gold sellers afterward.
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