The gold futures contract lost 0.72% on Wednesday, as it retraced some of its Thursday’s-Friday’s rally. The gold price broke above a short-term consolidation along $1,800 price level last week.
gold spot price today
Gold Price Analysis: Gold Refreshes Weekly high above $1,780 on Biden’s ‘Joint Congress’ speech
Gold Price Analysis: Gold inches closer to the $1,800 threshold, refreshing weekly top to $1,788.31 by the press time of early Thursday. In doing so, the yellow metal takes the bids for the second consecutive day on the weaker US dollar. Recently propelling the commodity prices are the comments from US President Joe Biden.
Gold Price Forecast: $1,803 might continue to cap ahead of FOMC on Wednesday
Gold Price Forecast: Gold witnessed an intraday turnaround from the vicinity of the $1,803 mark and finally settled in the red for the second consecutive session on Friday. Upbeat US economic data was enough to push the US bond yields higher, which turned out to be a key factor that drove flows away from the non-yielding yellow metal.
Gold Support Key $1760—$1755, Bearish Technicals
Gold support and resistance Key for today: Gold prices pulled back nearly $20 from 7-week highs of $1790 on Wednesday, finishing the day slightly in the red. The rebound in the US Treasury yields triggered the correction in the metal. Bear cross on 1H chart and RSI below 50.00 point to the downside.
Gold Price Set For Best Week Since December With Yields Retreating
Gold headed for its best week since December amid a retreat in bond yields and a report that top buyer China may import more of the metal.