- The price of gold has expanded its two -way price movements and was limited to a wider trade range.
- The optimistic economic appearance of the US supported USD and limited metal gains.
- According to Gold Analyst Hareh Menghani, a softer risk tone can provide some support to the safe port XAU/USD and limit losses.
The price of gold has expanded its two -way price movements with these developments.
The gold fell on the last day of the week, but remained in good condition in a wider transaction range held for the last two weeks. This came in the midst of increasing market concerns about the third wave of COVID-19 infections and the restrictions on epidemic, which provided some additional support to the secure port XAU/USD. However, the optimistic appearance for the US economy helped limit any significant USD loss and closed any powerful gain for metal.
The impressive speed of Coronavirus vaccines, with the transition of a large incentive package, feeds expectations of an US economic healing relatively faster than pandemi. In addition to optimism, US President Joe Biden – at his first official press conference on Thursday – made an ambitious promise about the application of 200 million vaccines in 100 days. This came in the midst of increasing speculation for a $ 3 trillion infrastructure plan, which is seen as another factor that forms the basis of the USD.
These factors will continue to play a key role in influencing commodity.
The precious mine has experienced a decrease in the Asian session on Monday and seems to be not affected by the softer risk tone in the stock markets. According to Golden Analyst Hareh Menghani, the risk of avoidance of the risk was strengthened by the shift of US Treasury bond returns, which seems to be the only factor that can support the yellow metal without returns.
There is no significant economic data that affects the market to be announced on Monday. This may prevent investors from playing aggressive bets before the publication of the US monthly affairs report (known as NFP), which is closely monitored on Friday. Meanwhile, wider market risk sensitivity, US bond returns and USD price dynamics will continue to play a key role in influencing commodity.
Gold Analyst Haresh Menghani explained the levels of the price
From a technical point of view, according to the analyst, nothing seems to have changed too much for the commodity, and the two -way price movement guarantees to be a bit prudent before putting aggressive bets. However, repetitive failures to find higher levels of acceptance, however, support the possibility of further decrease in the short term. However, in order to confirm the negative prejudice, a continuous breakthrough is required in the region of $ 1,720 with the support of a two -week trade range. According to this analyst, it will be seen as a new trigger for investors with a decline tendency and will make the commodity fragile to accelerate the decline towards $ 1,700.
According to the analyst, the decline may extend and the yellow metal may lead to the $ 1,677-76 zone and to test the lowest levels of the months. On the other hand, according to the analyst, the $ 1,744-45 zone can continue to move as a strong obstacle and follows it with high levels of $ 1,760. According to the analyst, this level can trigger a short -term movement if it is cleaned stable. Dear metal, according to Haresh Menghani, it can exceed a middle barrier near the $ 1,773-75 region and aim to recover the $ 1,800 level.