Gold Market Outlook

The gold price is still hovering around $1,935 following a weak start to the trading week. Nonetheless, despite a sluggish USD ahead of this week's inflation data from the US and China, the XAU/USD manages to keep the bears on board despite technical breakdown and higher printing of US Treasury bond yields. In addition, the lack of big macroeconomic data and the market's inertia limit the yellow metal's immediate moves ahead of top-tier data or events.

The XAU/USD pair is trading near a Fibonacci level that represents the ... retracement. The daily chart's technical readings indicate that the risk is skewed to the downside, as indicators increased their declines within negative levels, reaching new one-month lows. Simultaneously, the pair is trading below its 20 and 100-SMAs, indicating a lack of directional strength.

The 4-hour chart shows XAU/USD developing below all of ...

Want completely chart technical analysis and trade recommendations on XAUUSD? Send your email to:?[email protected]

The above information is provided by ETO (ETO Group Pty Limited, ABN 66 155 680 890; AFSL LICENCE NO.420224, ETO Markets Limited, Company No.850672-1 Seychelles Licence No. SD062). The information contained herein is for education/discussion purpose only, and is not intent to constitute an offer or solicitation of an offer to buy or sell any financial instrument. Any information or general financial product advice given above is generic in nature and does not take into account your financial situation, needs or personal objectives. Any example or statistics contained herein is for the illustrative purpose only. ETO shall not be responsible for any loss arising from any investment based on any comment or other information contained herein. Past performance is not a reliable indicator of future performance. Investing in leveraged products carries significant risks and is not suitable for all investors. Prior to making any investment or entering into any transaction, you should carefully consider your financial situation and consult your financial advisor(s) in order to understand the risks involved and ensure that you the suitability for you of any investment or transaction.