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- Gold Price Forecast: XAU/USD extends recovery toward $1,670
Gold Price Forecast: XAU/USD extends recovery toward $1,670
- A weaker dollar and risk appetite offers support to gold on Monday.
- US yields off lows, limiting upside in XAU/USD.
- XAU/USD facing resistance at $1,670, building support around $1,660.
Gold is rising on Monday, recovering from the two-week low it hit on Friday at $1,639. After the beginning of the American session it peaked at $1,668 and then pulled back to the $1,660 area.
The recovery in gold is being driver by lower yields and a weaker US dollar. The US Dollar Index (DXY) is falling by 0.90% and it tested the weekly low at 112.15. The US 10-year yield stands at 3.95% while the 2-year at 4.44%.
In Wall Street, stocks are recovering sharply after Friday’s slump. The Dow Jones rises by 1.75% and the Nasdaq gains 3.21%. Crude oil is flat for the day while silver is up 2.25%.
Resistance ahead around $1,670
The upside in gold lost momentum before $1,670; a level that is a key resistance. A break higher would expose the next barrier which is the $1,680 area. A daily close above would be a positive technical development for gold bulls.
On the flip side, the immediate support is the $1,660 zone. Below the next level is the critical $1,640 that capped the downside last week. If XAU/USD drops below it could accelerate the move lower.
Technical levels
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