- While the US dollar remained strong, the price of gold continued its pigeon stance.
- However, the decline in US Treasury returns supported the price.
- Weak stocks also helped to recover prices from low levels.
The Golden New Processing Week started with a repressed note and was traded with slight losses in the early European session. The power in the US dollar continued to squeeze the price of precious metal near $ 1,750-45. At the time of writing, gold is traded for $ 1,739 with a decrease of 0.27 %per day.
While the US dollar remained strong, the price of gold continued its stance
The returns of US 10 -year bonds fell from 1.67 %to 1.65 %after the FED President Jerome Powell despise inflation and confirming that the central bank would continue its supportive monetary stance. This sends a corrective mode to the indicator return, increased the demand for Gold as a tool protected from inflation. Gold attracted investors in the midst of the price decrease in increasing demand.
India, in March, gold imports, falling prices in the ongoing wedding season increased the demand for jewelry almost two years of the highest level of the highest level, he said. Increasing Coronavirus cases increased the doubts about economic recovery in regions, as investors remained ascetic to stocks. Gold earns at the expense of risky being. On the other hand, the US optimistic economic appearance continued to benefit the dollar that controls the upward acceleration of Gold.
Haresh Menghani lists critical levels for gold price
The price of gold is located under the summit by changing hands below $ 1,740. According to Fxstreet analyst Haresh Menghani, the $ 1,730 level holds the key for XAU/USD bulls in the middle of a modest USD power. According to the analyst, the risk of avoidance of risk has increased slightly more support for more soft US bond returns and can help limit losses. Haresh Menghani adds the following to his explanations:
There is no major economic data from the United States on Monday and the XAU/USD USD USD was mercifully at the mercy of price dynamics. In addition, US bond returns may also affect commodity. Investors can get more clues than a wider market risk sensitivity for some meaningful opportunities for Gold. Failure near a previous strong support breaking point near $ 1,760-65 may have changed prejudice in favor of investors who tend to decline. However, it will still be cautious to expect some tracking below $ 1,730 before it is located for more value loss. The next relevant support has been fixed near the $ 1,720 area, and under which bears can aim to challenge the $ 1,700 border.
FXSTREET ANALYSIS: Gold may fall to re -test the lowest per month!
Fxstreet analyst Haresh Menghani says that Gold may fall to re -test the lowest per month of Altın. Haresh Menghani adds the following to his explanations:
At the end of the XAU/USD, it may decrease to re-test the most monthly lowest support near the $ 1,677-76 zone, which constitutes a double-bottom formation. Beyond $ 1,760-65, a continuous power will be seen as a new trigger for investors with ascension-tendency and will prepare the ground for additional gains. The yellow metal can then accelerate the acceleration of a medium resistance around $ 1,782-84 and finally aim to recover US $ 1,800.