Gold Price Forecast: XAU/USD needs to hold above $1,935 to avoid further losses.

XAU/USD faces stiff resistance at 38.2% Fibo level while 23.6% Fibo support could cap the losses

“The next crucial support is seen at the 23.6% Fibo level at $1,935. A firm break below the latter will open floors towards the previous week’s low of $1,910. Further south, powerful support near $1,895 will challenge the bullish commitments.”

“If bulls manage to find a strong foothold above the 38.2% Fibo level at $1,961, then a test of the previous week’s high at $1,966 will be inevitable. Gold buyers will then target the $1,970 round level, above which the 50% Fibo level at $1,982 will be threatened.”

 EUR/USD hits two-week lows below 1.0950 on US dollar’s strength.EUR/USD remains pressured towards 1.0900, at its lowest level in two weeks. The US dollar holds firmer amid risk-aversion while the US 10-year Treasury yields refresh three-year high on hawkish Fed’s outlook. Rising covid concerns in Germany and China add to the euro’s plight. 


GBP/USD falls towards 1.3100 ahead of BOE’s Bailey.GBP/USD is dropping towards 1.3100 amid a notable US dollar demand across the board. Fed-BOE policy divergence favors the greenback amid firmer US Treasury yields. Renewed covid concerns and the Ukraine crisis will likely keep GBP bulls at bay. Bailey’s speech awaited. 


Gold drops further below $1,950 amid firmer US dollar, yields.Gold price is extending its weakness below $1,950, having failed to find acceptance above the $1,960 barrier in the previous week. Markets remain risk-averse amid rising concerns over the covid resurgence in Asia, especially in China, underpinning the US dollar’s safe-haven appeal at gold’s expense. 

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