GBP/USD drops to fresh daily low, closer to mid-1.1900s amid resurgent USD demand.

GBP/USD witnesses a dramatic intraday turnaround from a three-week high touched on Tuesday.The risk-off mood and recession fears revive demand for the safe-haven USD and exert pressure. The GBP/USD pair is seen extending its intraday retracement slide from a three-week top touched earlier this Tuesday and continues losing ground through the mid-European session. The downwardContinue reading “GBP/USD drops to fresh daily low, closer to mid-1.1900s amid resurgent USD demand.”

Gold price weakens further below $1,700, seems vulnerable near one-year low.

Gold price witnesses selling for the second straight day and drops to a nearly one-year low.The prospects for a further rise in interest rates continues to drive flows away from the metal. A positive risk tone exerts additional pressure; modest USD weakness fails to lend support.Gold price is extending the overnight breakdown-momentum below the $1,700Continue reading “Gold price weakens further below $1,700, seems vulnerable near one-year low.”

Gold price remains confined in a familiar range, just above $1,700 mark.

Gold price struggles to gain any meaningful traction and remains confined in a range. The ongoing USD profit-taking slide continues lending some support to the commodity.Hawkish major central banks, the risk-on impulse acted as a headwind and caps gains. Gold price attracts some dip-buying near the $1,705 region on Tuesday, though seems to struggle toContinue reading “Gold price remains confined in a familiar range, just above $1,700 mark.”

Gold Price Forecast: XAUUSD flirts with daily low, seems vulnerable near $1,830 area.

Gold once again faced rejection near 200-DMA and has now filled the weekly bullish gap.The risk-on impulse and rising US bond yields acted as a headwind for the commodity.The emergence of some USD dip-buying further contributed to the intraday selling bias. Gold continued with its struggle to make it through the very important 200-day SMAContinue reading “Gold Price Forecast: XAUUSD flirts with daily low, seems vulnerable near $1,830 area.”